CFO能力与公司现金持有:基于高阶梯队理论的系统考察

CFO Ability and Corporate Cash Holding:A Study Based on the Upper Echelon Theory

作为公司财务政策的实际决策和执行者,CFO在公司现金持有决策中扮演重要作用。以2007—2015年A股上市公司为样本,基于高阶梯队理论系统考察CFO能力对公司现金持有决策的影响效应及其背后的传导机理。研究发现,CFO能力越强,公司现金持有水平越低。进一步检验其内在作用机理发现,能力较强的CFO不仅降低了公司预防性持现动机,而且有效缓解了自由现金流假说导致的代理持现动机。

As the actual decision maker and executor of the corporate financial policies,CFO plays a vital role in the cash holding decision.Taking the A-share listed companies from 2007 to2015 as samples,based on the upper echelon theory,this paper carries out investigation into the influence effect of CFO ability on the firm＇s cash holding decision and its influence mechanism.Through research,we find that the stronger the CFO ability the lower cash holding level of the firm.Through further inspection of its internal function mechanism,we find that CFO with strong ability not only reduces the precautionary cash holding motive but also effectively alleviates the cash holding agency motive based on the free cash flow hypothesis.