决策权配置集中化与现金持有

Centralized Allocation of Decision-making Right and Cash Holding

中文关键词:  决策权配置  内部资本市场  现金持有量  现金持有价值  融资约束  治理效应

英文关键词:decision-making right  internal capital market  cash holding  cash holding value  financing constraint  governance effect

中文摘要:

      决策制度安排作为企业组织结构演进的产物,正深刻影响着企业的微观财务决策行为。以2009—2018年沪深A股上市公司为样本,分析了集团型上市公司决策权配置集中程度对上市公司现金持有水平及其价值的影响。实证结果显示,集团型上市公司人事权和财务权集中配置可以降低子公司管理层代理成本、发挥治理效应进而降低企业现金持有水平。进一步研究发现,决策权集中配置对现金持有水平的负向影响在内部治理水平较低和外部治理环境较好时更加显著。现金持有价值效应检验表明,财务权集中配置带来了企业价值的显著提升,而人事权集中配置仅在现金持有量较低时具有显著的价值提升作用。因此,集团型上市公司应当充分重视并积极探索决策权集中配置的治理优势,加快实现集团内部的信息对称和管理高效以优化组织结构、提升企业价值。

英文摘要:

      As the product of the evolution of enterprise organizational structure, the decision-making system arrangement is exerting a profound influence on the micro-financial decision-making behavior of enterprises. Taking the A-share listed companies on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2009 to 2018 as samples, this paper analyzes the influence of the concentration of decision-making power on the cash holding level and value of listed group companies. The empirical results show that the centralized allocation of personnel right and financial right in the listed group companies can reduce the agency cost of subsidiary management, exert the governance effect and then reduce the level of corporate cash holding. Further research shows that the negative influence of centralized allocation of decision-making right on the cash holding level is more significant when the internal governance level is lower and the external governance environment is better. The test of the value effect of cash holding shows that the centralized allocation of financial right brings a significant increase in enterprise value while the centralized allocation of personnel right only has a significant increase in value when the cash holding is low. Therefore, listed group companies should pay full attention to and actively explore the governance advantages of centralized allocation of decision-making right, accelerate the realization of information symmetry and efficient management within the group to optimize the organizational structure and enhance the enterprise value. 