摘要
本文以2012-2014年间我国中小板上市公司为研究对象,从公司治理视角出发,分析了董事会特征对企业现金持有量的影响。研究发现:董事会规模、独立董事比率与现金持有量显著负相关;女性董事比率、董事持股比率与现金持有量显著正相关;董事的教育背景、董事会报酬与现金持有量不存在显著的关系;董事的会计、法律、经济背景,董事长与总经理职责分离能促进企业投资,减少现金的储备。
This paper takes the small and medium-sized board listed companies in China as the research object,and analyzes the Influence of the board of Directors Characteristics on the cash holdings of the company from the perspective of corporate governance.It is found that the board size,ratio of independent directors and cash holdings significantly negative correlation:ratio of female directors,board of directors shareholding ratio and cash holdings significantly positive correlation;board of education background,directors will return and cash holdings has no significant relationship;director of the accounting,legal and economic background,chairman and general manager duties separation can promote enterprises to invest in,reducing cash reserves.
出处
《财会通讯(下)》
北大核心
2016年第8期11-16,129,共6页
Communication of Finance and Accounting
基金
财政部全国会计领军人才培养工程特殊支持计划和武汉市黄鹤英才计划的阶段性成果
关键词
中小企业
现金持有
董事会特征
影响因素
SME
Cash holdings
Characteristics of the board of directors
Influencing factors