高管商业禀赋与企业现金持有决策

Business Endowment of Corporate Senior Executives and Cash Holding Decisions

个人禀赋作为影响人们决策的重要因素,高管商业禀赋会对企业包括现金持有决策在内的财务决策产生重要作用。文章在细分商业禀赋类别的基础上,以2003～2016年中国上市公司为样本,研究了高管商业禀赋对企业现金持有水平的影响。通过分析,高管商业禀赋分为能力型禀赋与资源型禀赋,其中能力型禀赋又包括知识素养禀赋、专业能力禀赋和国际素养禀赋,资源型禀赋包括政治型资源禀赋和金融资源禀赋。实证结果表明,高管能力型禀赋与企业现金持有水平呈显著正相关关系,高管资源型禀赋与企业现金持有水平呈显著负相关关系。而当终极产权控制人性质不同时,高管商业禀赋对企业现金持有的影响也呈现出不同的结果。

As an important part of personal endowment, business endowment of corporate senior executives plays a critical role in their financial decisions, including cash holding decisions. Based on the classification of business endowments and by taking the listed companies in China from 2003 to 2016 as samples, the article studies the impact of business endowments of senior ex- ecutives on the cash holding levels of enterprises. This paper divides executive business endow- ment into capacity endowment and resource endowment. Capacity endowment includes knowledge endowment, professional endowment and international knowledge endowment, while resource en- dowment includes political resource endowment and financial resource endowment. The empirical results show that capacity endowment of senior executives has significant positive correlations with corporate cash holdings, while resource endowment of senior executives negatively correlates with corporate cash holdings. However, when facing ultimate property controllers with different na- tures, the impact of business endowment of senior executives on corporate cash holding tends to have different results.