公司战略偏离度、CFO财务执行力与公司现金持有水平

Corporate Strategic Deviation,CFO Financial Executive Ability and Corporate Cash Holding

选取2012-2017年沪深两市A股上市公司数据为样本,结合CFO财务执行力,考察公司战略偏离度对公司现金持有水平的影响。研究发现:公司战略偏离度与公司现金持有水平正相关,即公司战略越偏离行业常规战略,公司现金持有水平越高;CFO财务执行力能够对公司战略偏离度与公司现金持有水平之间的相关关系起到削弱作用;与国有企业相比,在非国有企业中公司战略偏离度对公司现金持有水平的影响更加显著。研究表明公司战略偏离度是影响公司现金持有水平的重要因素,可为公司制定现金持有政策提供重要参考。

Based on the data of A-share stock markets of Shanghai and Shenzhen from 2012 to 2017,combined with CFO financial executive ability,this paper examines the impact of corporate strategic deviation on corporate cash holdings.The results show that corporate strategy deviation is positively correlated with corporate cash holdings,the more corporate strategy deviates from industry conventional strategy,the higher corporate cash holdings;CFO financial executive ability can deviate from corporate strategy and corporate cash holdings.The correlation between levels plays a weakening role.The study finds that corporate strategic deviation in non-state-owned enterprises has a more significant impact on corporate cash holdings.Study shows that the corporate strategic deviation is an important factor in affecting the corporate cash holdings,and provides an important reference for the cash holding policy making.