管理者过度自信、内部控制与企业现金持有
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摘要
上市公司高额持有现金的现象一直都是学者关注的焦点,但已有关于企业现金持有的研究基本都立足于传统理性经济人的假设,忽略了管理者非理性特征的影响,与现实情况不相符。在此背景下,基于行为金融学理论,从管理者非理性视角,系统分析并检验管理者过度自信对企业现金持有水平的影响机理以及内部控制对二者关系的调节作用,并进一步考察企业特征的情景效应、管理者过度自信与超额现金使用方式、现金持有价值与现金持有动态调整的关系。以2010年至2016年中国沪深股市A股非金融类上市公司的数据为研究样本,以管理者是否主动增持股票作为管理者过度自信的替代指标,运用Stata软件和多元回归分析方法验证假设。研究结果表明,在控制其他可能影响企业现金持有水平因素的前提下,管理者过度自信与现金持有水平显著正相关,高质量的内部控制在二者关系中具有负向调节作用。进一步检验发现,管理者过度自信对现金持有水平的影响在融资约束高的企业、成长性高的企业和非国有企业中更加明显;对超额现金使用方式的检验表明,过度自信的管理者持有超额现金主要用于后续的研发投入。此外,股票市场投资者对管理者过度自信的企业所持有的现金给予了更高的估值,在内部控制质量高的企业中更明显;过度自信的管理者向上调整现金持有水平的速度明显快于向下调整现金持有水平的速度。结合行为金融与传统公司财务,实现了跨学科之间的交融,丰富和拓展了管理者过度自信经济后果和现金持有影响因素领域的相关研究,具有重要的理论意义。研究结果还有利于管理者进一步理解其非理性特征对企业决策的影响,对他们在实际中如何制定企业现金持有策略具有一定的实践意义。
The phenomenon of high cash holdings in listed companies is always the focus of scholars. However,Previous studies on corporate cash holding are based on the traditional assumption of rational economic man. This assumption ignores the irrational characteristics of managers,which is not in line with the reality.In this context,based on the theory of behavioral finance,and from the perspective of managers' irrationality,we systematically analyze and examine the inner mechanism between managers' overconfidence and the level of corporate cash holdings and the moderating effect of internal control,further explore the context effect of enterprise characteristics and how overconfident managers use excess cash. We also test the relationship between managers' overconfidence and the value of cash holdings,and the dynamic adjustment of cash holdings. Using a sample of non-financial firms listed in the A-share market of Shenzhen Stock Exchange and Shanghai Stock Exchange between 2010 and 2016,we use the voluntary purchase of stocks by the managers as a proxy for their overconfidence,and exploit STATA software and multiple regression method to test the hypotheses.Our results show that,after controlling for other factors that can affect a company's cash holdings,managers' overconfidence is positively associated with their companies' cash holdings. Quality of internal control negatively moderates this relationship. We also find that the impact of managers' overconfidence on the cash holdings is more significant in companies with higher financial constraints,higher growth,and non-state ownership. Overconfident managers use most of the excess cash for future research and development. The investors give higher evaluation of the cash holdings for the companies with overconfident managers,and this effect is more obvious in companies with high quality of internal control. Overconfident managers adjust up the cash holdings faster than adjusting down the cash holdings.This study combines behavior finance with traditional corporate finance in a cross-disciplinary integration. Our findings make significant contributions to the theory by extending the literature on the economic consequence of managers' overconfidence and the determinants of cash holdings. The conclusions from our study can help mangers further understand the effects of their irrational characteristics on corporate decisions. And our findings also have important significance for managers to improve the effectiveness of the decision on cash holdings in practice.
The phenomenon of high cash holdings in listed companies is always the focus of scholars. However,Previous studies on corporate cash holding are based on the traditional assumption of rational economic man. This assumption ignores the irrational characteristics of managers,which is not in line with the reality.In this context,based on the theory of behavioral finance,and from the perspective of managers' irrationality,we systematically analyze and examine the inner mechanism between managers' overconfidence and the level of corporate cash holdings and the moderating effect of internal control,further explore the context effect of enterprise characteristics and how overconfident managers use excess cash. We also test the relationship between managers' overconfidence and the value of cash holdings,and the dynamic adjustment of cash holdings. Using a sample of non-financial firms listed in the A-share market of Shenzhen Stock Exchange and Shanghai Stock Exchange between 2010 and 2016,we use the voluntary purchase of stocks by the managers as a proxy for their overconfidence,and exploit STATA software and multiple regression method to test the hypotheses.Our results show that,after controlling for other factors that can affect a company's cash holdings,managers' overconfidence is positively associated with their companies' cash holdings. Quality of internal control negatively moderates this relationship. We also find that the impact of managers' overconfidence on the cash holdings is more significant in companies with higher financial constraints,higher growth,and non-state ownership. Overconfident managers use most of the excess cash for future research and development. The investors give higher evaluation of the cash holdings for the companies with overconfident managers,and this effect is more obvious in companies with high quality of internal control. Overconfident managers adjust up the cash holdings faster than adjusting down the cash holdings.This study combines behavior finance with traditional corporate finance in a cross-disciplinary integration. Our findings make significant contributions to the theory by extending the literature on the economic consequence of managers' overconfidence and the determinants of cash holdings. The conclusions from our study can help mangers further understand the effects of their irrational characteristics on corporate decisions. And our findings also have important significance for managers to improve the effectiveness of the decision on cash holdings in practice.
引文
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[2]连玉君,苏治.上市公司现金持有:静态权衡还是动态权衡.世界经济,2008(10):84-96.LIAN Yujun,SU Zhi.Cash holding of Chinese listed firms:static trade-off or dynamic trade-off.The Journal of World Economy,2008(10):84-96.(in Chinese)
[3]MYERS S C,MAJLUF N S.Corporate financing and investment decisions when firms have information that investors do not have.Journal of Financial Economics,1984,13(2):187-221.
[4]杨兴全,张丽平,吴昊旻.市场化进程、管理层权力与公司现金持有.南开管理评论,2014,17(2):34-45.YANG Xingquan,ZHANG Liping,WU Haomin.Marketization,managerial power and firm cash holdings.Nankai Business Review,2014,17(2):34-45.(in Chinese)
[5]王福胜,宋海旭.终极控制人、多元化战略与现金持有水平.管理世界,2012(7):124-136,169.WANG Fusheng,SONG Haixu.The ultimate controller,the diversification strategy and the cash holdings.Management World,2012(7):124-136,169.(in Chinese)
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[8]HOBERG G,PHILLIPS G,PRABHALA N.Product market threats,payouts,and financial flexibility.The Journal of Finance,2014,69(1):293-324.
[9]KALCHEVA I,LINS K V.International evidence on cash holdings and expected managerial agency problems.The Review of Financial Studies,2007,20(4):1087-1112.
[10]蔡卫星,曾诚,胡志颖.企业集团、货币政策与现金持有.金融研究,2015(2):114-130.CAI Weixing,ZENG Cheng,HU Zhiying.Business groups,monetary policy,and corporate cash holdings.Journal of Financial Research,2015(2):114-130.(in Chinese)
[11]王红建,李青原,邢斐.经济政策不确定性、现金持有水平及其市场价值.金融研究,2014(9):53-68.WANG Hongjian,LI Qingyuan,XING Fei.Economic policy uncertainty,cash holdings and market value.Journal of Financial Research,2014(9):53-68.(in Chinese)
[12]LANDIER A,THESMAR D.Financial contracting with optimistic entrepreneurs.The Review of Financial Studies,2009,22(1):117-150.
[13]李云鹤.公司过度投资源于管理者代理还是过度自信.世界经济,2014,37(12):95-117.LI Yunhe.Does corporate over-investment result from managerial agency or managerial overconfidence?.The Journal of World Economy,2014,37(12):95-117.(in Chinese)
[14]HUANG R H,TAN K J K,FAFF R W.CEO overconfidence and corporate debt maturity.Journal of Corporate Finance,2016,36:93-110.
[15]HRIBAR P,YANG H.CEO overconfidence and management forecasting.Contemporary Accounting Research,2016,33(1):204-227.
[16]DESHMUKH S,GOEL A M,HOWE K M.Do CEO beliefs affect corporate cash holdings?.Chicago,IL:De Paul University,2015.
[17]齐保垒,田高良,李留闯.上市公司内部控制缺陷与财务报告信息质量.管理科学,2010,23(4):38-47.QI Baolei,TIAN Gaoliang,LI Liuchuang.Internal control deficiencies of listed companies and quality of financial information.Journal of Management Science,2010,23(4):38-47.(in Chinese)
[18]周美华,林斌,林东杰.管理层权力、内部控制与腐败治理.会计研究,2016(3):56-63,96.ZHOU Meihua,LIN Bin,LIN Dongjie.Management power,internal control and corruption governance.Accounting Research,2016(3):56-63,96.(in Chinese)
[19]MOORE D,HEALY P J.The trouble with overconfidence.Psychological Review,2008,115(2):502-517.
[20]ADAM T R,FERNANDO C S,GOLUBEVA E.Managerial overconfidence and corporate risk management.Journal of Banking&Finance,2015,60:195-208.
[21]BERNARDO A E,WELCH I.On the evolution of overconfidence and entrepreneurs.Journal of Economics&Management Strategy,2001,10(3):301-330.
[22]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境.经济研究,2009,44(1):131-143.JIANG Fuxiu,ZHANG Min,LU Zhengfei,et al.Managerial overconfidence,firm expansion and financial distress.Economic Research Journal,2009,44(1):131-143.(in Chinese)
[23]TAYLOR S E,BROWN J D.Illusion and well-being:a social psychological perspective on mental health.Psychological Bulletin,1988,103(2):193-210.
[24]GRIFFIN D,TVERSKY A.The weighing of evidence and the determinants of confidence.Cognitive Psychology,1992,24(3):411-435.
[25]余明桂,李文贵,潘红波.管理者过度自信与企业风险承担.金融研究,2013(1):149-163.YU Minggui,LI Wengui,PAN Hongbo.Managerial overconfidence and corporate risk-taking.Journal of Financial Research,2013(1):149-163.(in Chinese)
[26]MALMENDIER U,TATE G,YAN J.Overconfidence and early-life experiences:the effect of managerial traits on corporate financial policies.The Journal of Finance,2011,66(5):1687-1733.
[27]邓路,徐睿阳,谷宇,等.管理者过度自信、海外收购及其经济后果:基于“兖州煤业”的案例研究.管理评论,2016,28(11):252-263.DENG Lu,XU Ruiyang,GU Yu,et al.Manager overconfidence,overseas acquisition and economic consequences:a case study of Yanzhou Coal Mining Co.,Ltd..Management Review,2016,28(11):252-263.(in Chinese)
[28]MOORE D A,KIM T G.Myopic social prediction and the solo comparison effect.Journal of Personality and Social Psychology,2003,85(6):1121-1135.
[29]BANERJEE S,HUMPHERY-JENNER M,NANDA V.Restraining overconfident CEOs through improved governance:evidence from the Sarbanes-Oxley Act.The Review of Financial Studies,2015,28(10):2812-2858.
[30]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为.管理世界,2009(1):130-139.JIANG Fuxiu,YI Zhihong,SU Fei,et al.The characteristics of the background of managers,and the behavior of enterprises'overinvestment.Management World,2009(1):130-139.(in Chinese)
[31]AKTAS N,LOUCA C,PETMEZAS D.CEO overconfidence and the value of corporate cash holdings.Vallendar:Otto Beisheim School of Management,2017.
[32]LEE J M,HWANG B H,CHEN H L.Are founder CEOs more overconfident than professional CEOs?Evidence from S&P 1500 companies.Strategic Management Journal,2017,38(3):751-769.
[33]AHMED A S,DUELLMA S.Managerial overconfidence and accounting conservatism.Journal of Accounting Research,2013,51(1):1-30.
[34]CAMPBELL T C,GALLMEYER M,JOHNSON S A,et al.CEO optimism and forced turnover.Journal of Financial E-conomics,2011,101(3):695-712.
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