|本期目录/Table of Contents|

[1]李晓玲,葛长付,侯啸天.CFO特征对现金持有量影响及其区域市场化差别[J].长安大学学报(社科版),2017,19(03):45-56.
　LI Xiao-ling,GE Chang-fu,HOU Xiao-tian.The effect of CFO characteristics on cash holdings and the difference in regional marketization[J].Journal of Chang＇an University(Social Science Edition),2017,19(03):45-56.
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《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

卷:
第19卷
期数:
2017年03期
页码:
45-56
栏目:
经济管理
出版日期:
2017-05-15

文章信息/Info

Title:
The effect of CFO characteristics on cash holdings and the difference in regional marketization
文章编号:
1671-6248(2017)03-0045-12
作者:
李晓玲; 葛长付 ; 侯啸天
安徽大学商学院
Author(s):
LI Xiao-ling;  GE Chang-fu;  HOU Xiao-tian
School of Business，Anhui University
关键词:
CFO; 现金持有量; 区域市场化; 股权激励; 公司治理结构
Keywords:
CFO;  cash holdings;  regional marketization;  stock option incentive;  corporate governance structure
分类号:
F275
DOI:
-
文献标志码:
A
摘要:
国内外学者基于权衡理论、融资优序理论和代理理论三大理论对现金持有量影响因素做了大量研究，而鲜有文献研究CFO特征对企业现金持有量的影响。以中国2006~2014年沪深两市A股上市公司数据为样本，实证研究了CFO特征对现金持有量的影响以及在不同区域市场化环境下的差异表现。研究表明：女性CFO所在的上市公司现金持有量低于男性CFO的上市公司；CFO年龄与上市公司现金持有量显著负相关，CFO的年龄越大，企业现金持有量越小；具有会计师、注册会计师、经济师等专业资格的CFO所在上市公司的现金持有量多于不具有这些专业资格的CFO所在上市公司；CFO股权激励与现金持有量显著正相关，但CFO学历对现金持有量没有显著影响；研究还发现，在不同市场化进程下，各地区CFO特征对现金持有量影响有明显差异。
Abstract:
Cash holdings Scholars home and abroad made a large number of research on the influencing factors of cash holdings based on tradeoff theory, pecking order theory, and agency cost theory. However, there is very few literature for the research of the impact of CFO characteristics on the cash holdings of enterprises. Taking Shanghai and Shenzhen Ashare listed companies’ data from 2006 to 2014 as sample, this paper did an empirical study on the effect of CFO characteristics on the cash holdings and the difference in regional marketization. The result shows that the listed companies with female CFO have lower cash holdings than that with male CFO. CFO’s age is negatively correlated to the cash holdings of listed companies. The older the CFO gets, the smaller the cash holdings of listed companies becomes. The listed companies with the CFO who has more professional qualifications such as public accountants, CPA and economists have more cash holdings than that with the CFO who doesn’t have. The correlation between stock option incentive and cash holdings is significantly positive, but there is no significant correlation between CFO education level and cash holdings. In addition, in the process of different marketization, the impact of CFO characteristics on cash holdings is obviously different in different regions.

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备注/Memo

备注/Memo:
基金项目：安徽省社会科学基金项目(AHSKY2015D83)；安徽省教育厅人文社会科学重大项目 (SK2014ZD008)；安徽大学研究生学术创新研究项目(yfc100251)
作者简介：李晓玲（1958-），女，重庆市人，教授，博士研究生导师。
更新日期/Last Update: 2017-07-11