CAJ | 학술논문

利用最新的企业家能力评价数据,对企业家能力与现金持有之间的关系进行了探讨。研究结果发现,企业家能力越高,现金持有量越大。进一步的研究发现,企业家能力对现金持有的影响存在着所有制差异,企业家能力对现金持有的正向影响在非国有企业中更加显著。企业家能力对现金持有的影响更可能是源自现金持有的预防性动机。
이용최신적기업가능력평개수거,대기업가능력여현금지유지간적관계진행료탐토。연구결과발현,기업가능력월고,현금지유량월대。진일보적연구발현,기업가능력대현금지유적영향존재착소유제차이,기업가능력대현금지유적정향영향재비국유기업중경가현저。기업가능력대현금지유적영향경가능시원자현금지유적예방성동궤。
With the updated data of evaluating entrepreneurship, this paper probes into the relationship between entrepreneurship and corporate cash holdings. The results show that the higher the entrepreneurship, the more the corporate cash hold- ings. Further studies indicate that there is the difference in ownership as to the impact of entrepreneurship upon corporate cash holdings and that in non-state-owned enterprises （NSOE） entrepreneurship has a more significantly positive effect on corporate cash holdings. The impact of entrepreneurship upon corporate cash holdings is more likely to stem from precautionary motive of corporate cash holdings.