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本文以中国A股上市公司为研究样本,系统考察了独立董事的海外背景对企业现金持有的影响及作用机制。本文的研究结果表明,海外背景的独立董事有助于企业更高效地持有相对较多现金以预防未来经营中的不确定性;能够显著提高企业的现金持有价值,即投资者对拥有海外背景独立董事的企业的现金持有给予了显著更高的定价;其作用机制在于,海外背景的独立董事能够抑制企业内部持有大量现金引起的过度投资行为。本文的研究丰富和拓展了独立董事及现金持有等相关领域的研究文献,同时印证了近些年我国越来越多的企业引进海外背景管理人才的重要性。
In this paper, a Chinese A-share listed company as a sample of the study systematically examined the independent directors of overseas background on the impact of corporate cash holdings and the role of mechanisms. The results of this study show that independent directors with overseas backgrounds can help enterprises hold more cash more efficiently to prevent future uncertainties in the business. They can significantly increase the cash holding value of an enterprise, that is, investors’ The background of the independent directors of the company’s cash holdings gave significantly higher pricing; its mechanism lies in the independent directors of overseas background can inhibit excessive cash held within the company caused by excessive investment behavior. The research in this paper enriches and expands the research literature on independent directors and cash holdings, and at the same time confirms the importance of more and more Chinese enterprises importing overseas background management talents in recent years.