高管的银行背景、所有权性质与企业现金持有决策

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。

Managers with Bank Experience,Nature of Ownership,and Corporate Cash Holdings

This paper examines whether managers with bank experience affect corporate cash holdings decisions , and how the nature of firms'ownership affects this influence.The results indicate that those firms whose managers have bank experience tend to hold lower ratios of cash to total non-cash assets , and the effect of managers'bank experience background on corporate cash holdings decision-making mainly exists in the non-state-owned enterprises , and there is no significant association between managers'bank experience background and corporate cash holdings decisions in the state -owned enterprises.The research not only enriches and develops the research on the relationship between corporate cash holdings decisions and managers 'bank ex-perience , but also has important implications for corporate cash holding decision -making.