CEO-CFO校友关系与公司现金持有价值效应

CEO-CFO School Ties and the Value of Corporate Cash Holdings

本文以2004~2015年A股上市公司为样本,以公司现金持有价值为视角探究CEO-CFO校友关系在资本市场的经济后果。研究发现,CEO-CFO校友关系可显著提升公司现金持有价值。进一步分析发现:当公司位于母校所在省份时,CEO-CFO校友关系对现金持有价值的积极作用更为显著;CEO-CFO校友关系可能通过改善公司资本配置效率进而提升现金持有价值;当公司代理冲突较为严重时,CEO-CFO校友关系仍能发挥对公司现金持有价值的积极效应,而不会沦为二者利益勾结的纽带,损害现金持有价值。

Using the sample of listed companies in Chinese A-share market from the year of 2004 to 2015,this paper analyzes the impact of CEO-CFO school ties on the value of corporate cash holdings.The results show that CEO-CFO school ties has an positive effect on the value of corporate cash holdings,and the effect would be stronger when the company locates in the same province with their alma mater.In addition,the inner influencing mechanism of CEO-CFO school ties on the value of corporate cash holdings may be the improvement of corporate capital allocation efficiency.Furthermore,even in those companies that agency conflict is severe,school ties can still post its positive effect on the value of corporate cash holdings instead of turning into the link of CEO and CFO plotting together to hurt the value of corporate cash holdings.