中国上市公司高管学术经历对企业现金持有的影响

依据沪深A股上市公司2008-2017年数据，考量高管学术经历对企业现金持有的影响。结果表明：高管学术经历通过风险特质和创新活动影响现金持有水平；高管学术经历与现金持有水平正相关，行业竞争的缓和会削弱二者的正相关关系；相对于国有企业，高管学术经历对非国有企业现金持有水平的影响更显著。

The Impact of Executive Academic Experience on Corporate Cash Holdings in Chinese listed Companies

Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2017, this paper examines the impact of executive academic experience on corporate cash holdings. The results show that the academic experience of executives affects the level of cash holding through risk characteristics and innovation activities. The academic experience of executives is positively correlated with the level of cash holdings, and the easing of competition in the industry will weaken the positive correlation between the two. Compared with state-owned enterprises, the academic experience of executives has a more significant impact on the level of cash holdings in non-state-owned enterprises.