经济与管理研究2017，Vol.38Issue(4)：133-144,12.DOI:10.13502/j.cnki.issn1000-7636.2017.04.014
现金持有水平、内部控制与企业并购决策
Cash Holdings,Internal Control and Corporate M&A Decision
摘要
Abstract
The paper uses data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2014 to empirically test two hypotheses:①Companies with high level of cash holdings will prefer to mergers and acquisitions(M&A),and this relationship is irrelevant to the motivation of holding cash.But with respect of precautionary motivation,the agent motivation will have worse M&A performance.②Internal control with high quality restrains enterprises to make M&A decisions based on the agent motivation to hold cash,but has no significant effect on enterprises with precautionary motivation for holding cash to make M&A decisions.Further study finds that high quality of internal control inhibits the M&A activity caused by cash holdings in precautionary motivation by relieving the conflict of the management and shareholders.This paper not only provides evidence of the relationship between cash holdings and corporate mergers and acquisitions,but also reveals the path and mechanism of how internal control restrains the influence of cash holdings on the merger,thus provides a practical implications of improving the motivation of corporate cash holdings and enhancing the quality of M&A decisions.关键词
现金持有水平/预防动机/代理动机/内部控制/企业并购Key words
level of cash holdings/precautionary motivation/agent motivation/internal control/mergers and acquisitions(M&A)分类
管理科学引用本文复制引用
徐虹,林钟高,陈洁,解伶伶..现金持有水平、内部控制与企业并购决策[J].经济与管理研究,2017,38(4):133-144,12.基金项目
国家自然科学基金项目"货币政策影响企业并购行为及效率的传导机制研究(71372204)" （71372204）
国家自然科学基金项目"基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究"(71572002) （71572002）
