高管学术经历、现金持有与公司业绩

以2006年至2017年中国上市公司为样本,研究高管学术经历对现金持有及公司业绩的影响。研究发现,高管学术经历提升了公司的现金持有水平,提升了公司业绩。结果说明高管学术经历降低其风险偏好。进一步研究发现,高管学术经历对现金持有及公司业绩的影响在非国有企业中更加明显,故上市公司应重视高管团队中学术经历的重要性和异质性。

Executive Academic Experience,Financing Preference and Firm Performance

Executive academic experience is a unique phenomenon with the development of Chinese economy, which is an important and special experience for executives, and then will executive academic experience influence the financing preference and cash holdings of listed companies? Will it affect the performance of the company? Based on the sample of Chinese listed companies from year 2006 to 2017, this paper studies the influence of executives' academic experience on financing preference, cash holdings and corporate performance. The results show that:executives' academic experience reduces the company's debt ratio and bank loan ratio, reduces the company's interest expense ratio and debt cost ratio, improves the company's cash holding level, and improves the company's performance. In the further study, the paper finds that the impact of executive academic experience on financing preference, cash holdings and corporate performance is more obvious in non-state-owned enterprises.