JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

首席财务官如何影响公司现金政策？

作者：Chris Florackis (University of Liverpool)

Sushil Sainani (University of Liverpool)

摘要：本文探讨了首席财务官（CFO）对公司现金持有政策的影响程度。我们构建了一个指数（CFO指数），使我们能够根据其影响公司业绩的能力来区分“强”和“弱”CFO。我们发现，在其他条件不变的前提下，拥有强CFO的公司所持有的现金远低于CFO较弱的公司。重要的是，我们研究的首席财务官效应超出了首席执行官（CEO）对现金持有的影响。我们的研究结果提供了第一个直接的实证证据，即具有强大首席财务官的公司因其相对较弱的预防动机和在财务压力期间提高外部融资的能力而能够持有较少的现金。与代理解释一致，我们的结果还表明，强大的首席财务官在具有较高代理成本的公司中履行监督职责。

关键词：现金持有；首席财务官；公司治理；发行债务

How do chief financial officers influence corporate cash policies?

Chris Florackis (University of Liverpool)，Sushil Sainani (University of Liverpool)

ABSTRACT

This paper examines the extent to which Chief Financial Officers (CFOs) affect corporate cash holding policies. We construct an index (CFO index) that enables us to distinguish between “strong” and “weak” CFOs based on their ability to influence firm outcomes. We find that firms with strong CFOs hold substantially less cash than firms with weak CFOs, ceteris paribus. Importantly, the CFO effect documented in our study goes beyond the effect caused by the Chief Executive Officer (CEO) on cash holdings. Our findings provide the first direct empirical evidence that firms with strong CFOs are well positioned to hold less cash due to their relatively weak precautionary motive and superior ability to raise external financing during periods of financial stress. Consistent with an agency explanation, our results also show that strong CFOs fulfill a monitoring role in firms with higher agency costs.

Keywords: Cash holdings; Chief financial officer; Corporate governance；Debt issuance

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917305722

翻译：陈然