管理者职业经历影响公司现金持有水平吗？--来自我国沪深两市2006-2013年经验证据

Does the Executives' Professional Experience Affect the Level of Corporate Cash Holdings?——The Empirical Evidence from Listed Companies of China During 2006—2013

本文选取我国2006—2013年沪深两市上市公司作为样本,研究现任管理者(CEO和CFO)的职业困境经历(现金流危机、融资约束特强和股票收益特低)如何影响公司现金持有水平,实证结果发现,经历过现金流危机、融资约束特强的管理者,其所在公司的现金持有水平较低,但没有证据支持经历过股票收益特低的管理者所在公司的现金持有水平有显著的影响;分组检验发现,民营企业管理者,其职业困境经历对公司现金持有水平的影响,显著高于国有企业管理者的职业困境经历对其所在公司现金持有水平的影响;管理者同时兼任CEO和CFO两职,其职业困境经历对公司现金持有影响均不显著,同时,发现管理者任期、年龄对公司现金持有水平有显著影响。

Executives are all always cautious in order to avoid the rupture of capital chain for corporate by setting reserves aside for necessary. For reducing the opportunity cost, executives wish to the reserve are as good as less, but in reality the over-less reserve could be stand for crisis. So the amount of reserve funds need to he considered well. But the amount dealing with crises actually is decided by overall predictions of crisis by management. As different managers＇ qualification is different, the results of predication vary wildly, which leads to a disparity of reserved fund＇ s amount. So what kind of management will tend to save money, what other groups likely to acquire a less reserve？ The paper is from perspective of management career experience, accesses from incentives of preventive needs of listed companies under guide of finance theory, analyses firstly ＂hypothesis of cash holding of basic factors driving cash holding＂,＂ hypothesis on excessive cash holdings＂ and ＂hypothesis of cash holdings validation＂. This paper is in the direction that in our country＇ s unique culture, system and under the background of opening-up reform where China is still in transition period, with imperfect architecture, the opportunity and risk coexist with each other, the prudent executives tend to be risk-averse, and courageous tend to seize the opportunity. The unexperienced professional executives are likely in accordance with the cautious attitude to avoid the potential crisis, and well-experienced ones are very confident, in brave style and bold, which sometimes conduce underestimated risks, they are more likely to experience a career crisis. They will in the later in his career in sticking to the original style of life and work as well. So based on the cash holdings calibration hypothesis put forward research hypothesis and three corresponding hypothesis. Taking non-financial listed companies in market years between 2006 and 2013 as sampies, will have been employed by suffering financing dilemma （cash flow crisis, the strongest financing constraints and the lowest stock returns） of the company management professional experience index is defined as 1, otherwise is 0. In addition, according to different combinations of these three measuring dimensions, the two composite index are constructed. Other precautionary savings motive characteristic effects in controlling company, at the same time control the nature of property rights,industry and year impact cases, study the current managers （CEO and CFO） professional experience difficulties （cash flow crisis, the strongest financing constraints and the lowest stock returns） how to affect the level of corporate cash holdings, and verify the above hypothesis. Empirical results found that the corporations where the managers had experienced a strong cash flow crisis, the financing constraints work for intend to have a low level of cash holdings, but there is no evidence to support has experienced the management company of stock returns, low level of cash holdings having a significant impact. Empirical results support the hypothesis （support hypothesis H1a and H1b, and there is not support hypothesis H1c ）. Packet inspection founds that private enterprise managers＇ career experience has more evident impact on the company＇ s cash holdings level significantly than that of state-owned enterprises ; there is no clear difference when the same executive take role of CEO and CFO at the same time, its a career experience are significant impact on the company＇ s cash holdings, we also could summarize that managers＇ tenure, age,level of cash holdings have a significantly influence on the company. The article also gives a hint on corresponding management revelation that should improve the corporate governance structure, reduce the management of personal subjective factors influencing on enterprise management, and make the enterprise management to the healthy and benign development track. To improve the micro, small and medium enterprises, entrepreneurial enterprises financing channels, to reduce the opportunity cost of its business, to promote the better development. Financial market reform should be strengthened, the fair treatment of state-owned enterprises and private enterprises, promote the rapid development of private enterprises Especially that shares of the securities market management system reform, make the change of stock returns can really enterprise operating conditions of the reaction, more rational, to better protect the interests of investors. Should strengthen the construction of the professional manager talent to form a mature professional manager market as soon as possible, make enterprise executives more fully accept the baptism of market competition, strengthen their own professional quality and personality,ability to improve enterprise management ,and the ability to predict the reasonable analysis of the enterprise risk ,rather than relying on irrational awareness. Other importance includes firstly to deepen the reform of state-owned enterprises at the same time ,especially the reform of the executives of state-owned enterprises professional, improve the management ability of state-owned enterprise managers,the resources＇ use efficiency of state-owned enterprises.