企业集团财务管控与上市公司现金持有水平研究

与现有基于上市公司单个企业的研究不同,本文以股改后2006—2009年沪深股市3958个A股上市公司为样本,考察了企业集团财务管控对上市公司现金持有水平的影响。实证发现集团控股上市公司现金持有水平较高,国有集团控股的更高。集团财务管控方式显著影响上市公司现金持有水平,集团选派CFO使之显著降低,拥有财务公司的集团选派CFO使之降幅更大,高达30%。财务公司对现金持有水平影响不显著,但按CFO选派、ERP、产权性质分组后发现,当集团选派CFO或上市公司有ERP财务系统或民营控股时,财务公司显著降低上市公司现金持有水平。上市公司ERP财务信息系统能够提升公司现金管理水平,提高其现金持有水平,而集团选派的CFO可能会通过财务公司和ERP配置现金,降低其控股上市公司现金持有水平。

Business Group Financial Management and Listed Firms’ Cash Holding

Different with the researches on stand-alone listed firms,this paper investigates the effect of business group(BG) financial management on listed firm's cash holding,based on the samples of 3958 firm-year observations from 2006 to 2009 for A-share listed firms in China.We find that BG affiliated firms hold significantly more cash,state owned BG affiliated firms hold much more cash.BG financial management significantly affect the listed firms' cash holding,CFO appointed by BG decrease it,CFO appointed by BG with finance company decrease it more with average decrease of 30%.The effect of finance companies is not significant,but when the CFO delegate BG,or listed firms with ERP,or private controlled,finance companies significant decreased cash holding.ERP can increase the management ability and cash holding,BG' CFO delegation can use finance companies and ERP to reallocation cash to decrease the listed firm's cash holding.