企业家能力、所有制性质与现金持有

Entrepreneurship,Ownership and Corporate Cash Holdings

利用最新的企业家能力评价数据,对企业家能力与现金持有之间的关系进行了探讨。研究结果发现,企业家能力越高,现金持有量越大。进一步的研究发现,企业家能力对现金持有的影响存在着所有制差异,企业家能力对现金持有的正向影响在非国有企业中更加显著。企业家能力对现金持有的影响更可能是源自现金持有的预防性动机。

With the updated data of evaluating entrepreneurship, this paper probes into the relationship between entrepreneurship and corporate cash holdings. The results show that the higher the entrepreneurship, the more the corporate cash hold- ings. Further studies indicate that there is the difference in ownership as to the impact of entrepreneurship upon corporate cash holdings and that in non-state-owned enterprises （NSOE） entrepreneurship has a more significantly positive effect on corporate cash holdings. The impact of entrepreneurship upon corporate cash holdings is more likely to stem from precautionary motive of corporate cash holdings.