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本文分析高管的银行背景是否影响企业现金持有决策,以及这种影响在国有企业和民营企业之间是否存在显著差异。基于中国非金融类上市公司2003-2013年的数据,检验发现,那些聘请具有银行背景的人士担任高管的企业具有显著更低的现金持有水平和更快的现金持有调整速度。相对于国有企业,高管银行背景对企业现金持有决策的影响在民营企业显著更强。上述研究结论有助于揭示社会资本在促进企业发展中的具体运行机制,为上市公司做出更优的现金持有决策具有重要的启示意义。
This article analyzes whether senior management’s bank background affects the firm’s cash-holding decisions and whether this effect has significant differences between SOEs and private-owned firms. Based on data from China’s non-financial listed companies, 2003-2013, the test found that those who hired executives with a bank background had significantly lower levels of cash holdings and faster cash holdings. Compared with state-owned enterprises, the influence of executive bank background on corporate cash holding decisions is significantly stronger in private enterprises. The conclusions of the above studies help to reveal the specific operation mechanism of social capital in promoting the development of the enterprise and have important implications for the listed companies to make better cash holding decisions.