摘要
文章以2007-2017年中国A股上市公司为样本,考察CEO变更对企业现金持有的影响。研究发现:(1)CEO变更会显著提升企业(超额)现金持有水平,这一效应主要通过抑制过度投资和在职消费来实现。(2)当存在董事长变更、企业治理水平较低、融资约束和关联CEO时,CEO变更提升企业(超额)现金持有水平的治理效应更强;经营不善的企业更倾向于减少未来现金持有,CEO变更会抑制经营不善引致的现金耗散而增加现金持有,且这一效应在民营企业中更明显。(3)CEO变更在发挥治理效应、抑制现金耗散、提升现金持有水平的同时,也显著提升企业(超额)现金持有价值。
By using the data of China’s A-share listed firms from 2007 to 2017,this paper explores the effect of CEO turnover on cash holdings.The results show that:(1)CEO turnover significantly increases the(excess)cash holdings by reducing over investment and executives’perks.(2)When there is a turnover of chairman,a low level of corporate governance,financing constraints and an associate CEO,CEO turnover prompts firms to hold more(excess)cash;firms with poor performance are more inclined to reduce future cash holdings,while CEO turnover can inhibit the reduction in future cash holdings caused by poor performance and increase cash holdings,which is more significant in private firms.(3)CEO turnover significantly increases the value of firms’(excess)cash holding as well as exerting governance effect,suppressing cash dissipation,and raising cash holdings.
作者
杨兴全
陈飞
杨征
Xingquan Yang;Fei Chen;Zheng Yang(School of Economics and Management,Shihezi University,Shihezi Xinjiang 832003,China)
出处
《会计与经济研究》
CSSCI
北大核心
2020年第2期3-21,共19页
Accounting and Economics Research
基金
国家自然科学基金项目(71762024)
文化名家暨“四个一批”人才工程
财政部“会计名家培养工程”。
