激进战略与企业现金持有——预防性动机还是代理动机

Aggressive Strategy and Cash Holdings:Precautionary Motive or Agency Motive

以2007-2016年A股非金融上市公司为样本,考察了公司战略激进程度对现金持有决策的影响,并从现金持有价值与竞争效应两个角度,探讨不同公司战略类型下现金持有经济后果的差异。研究结果显示:公司战略越激进,企业现金持有水平越高;并且战略越激进,现金持有价值越高,现金的竞争效应越强。进一步研究表明:随着融资约束和经济政策不确定性的提高,采取激进战略的公司,现金持有水平进一步提高。这说明公司战略是影响现金持有决策的重要因素,而战略激进的公司持有大量现金主要是出于预防性动机,而非代理动机。

Based on A-share listed companies of China from 2007 to 2016, the impacts of business strategy on cash holding and the differences of economic consequences of cash holding by different types of strategy from the angles of corporate value and competition effect have been tested. The result shows that firms with more aggressive corporate strategy hold more cash. Cash holdings of firms with aggressive strategy have more value and competition effect. Further study shows that firms with aggressive corporate strategy will hold more cash if financing constraint is serious or uncertainty of the economic policy is higher. The results mean strategic is an important influence on cash holdings and the motive of firms with aggressive strategy to hold more cash is precautionary motive not agency motive.