EVA考核机制实施与公司现金持有——来自我国中央企业的经验证据

›› 2019, Vol. 31 ›› Issue (12): 233-249.

EVA考核机制实施与公司现金持有——来自我国中央企业的经验证据

梁上坤¹, 潘俊², 白羽¹

1. 中央财经大学会计学院/中国管理会计研究与发展中心, 北京 100081;
2. 南京审计大学会计学院, 南京 211815

收稿日期:2017-03-07 出版日期:2019-12-28 发布日期:2019-12-24
作者简介:梁上坤,中央财经大学会计学院副教授,博士;潘俊,南京审计大学会计学院副教授,博士;白羽,中央财经大学会计学院硕士研究生。
基金资助:
国家自然科学基金项目（71872196；71402198）；教育部人文社会科学基金项目（15YJC630096）；财政部全国会计科研课题（2015KJB009）；北京市社会科学基金项目（15JGC176）；江苏省教育科学“十三五”规划课题（D/2016/01/43）。

EVA Assessment and Cash Holdings: Evidence from Chinese Central SOEs

Liang Shangkun¹, Pan Jun², Bai Yu¹

1. School of Accountancy/China's Management Accounting Research & Development Center, Central University of Finance and Economics, Beijing 100081;
2. School of Accountancy, Nanjing Audit University, Nanjing 211815

Received:2017-03-07 Online:2019-12-28 Published:2019-12-24

摘要/Abstract

摘要：

2010年起国务院国有资产监督管理委员会（简称国资委）在中央企业全面推行EVA考核评价，这一系统性的考核机制改变必然会引起公司行为多方面的变化。以2007—2012年沪、深A股上市公司为研究样本，本文检验了EVA考核实施对公司现金持有水平和现金持有价值的影响。结果显示：EVA考核实施后，中央企业的现金持有水平显著下降，同时现金持有价值显著上升。进一步的探究发现，区分协同效应强度，以上关系主要存在于协同效应较弱的情况下；区分公司扩张速度，以上关系在扩张速度较高的情况下较为明显。在丰富的稳健性测试下，上述结果保持稳定。本文借助管理层考核机制的变迁，从激励设计角度拓展了现金持有水平与持有价值的相关研究，为EVA考核机制实施的后果增添了新的证据，有益于其未来推广的思考。

关键词: 中央企业, EVA考核评价, 现金持有水平, 现金持有价值, 协同效应

Abstract:

The SASAC (State-owned Assets Supervision and Administration Commission) of the State Council launched the EVA assessment to central SOEs from 2010. This systemic adjustment of assessment mechanism must initiate a number of corporate behavior changes. However, until now, the existing researches have not had a good understanding of the consequences about it. With the sample of firms listed in the Shanghai and Shenzhen Exchanges from 2007 to 2012, this paper tests the relationship among EVA assessment, cash holdings and cash value. The results show that after the launch of the EVA assessment, the level of cash holding of central SOEs drops, and the value of cash rises. In addition, this effect mainly exists in the situation where managers' coordination effect is low. When a high percentage of shares are held by chairman and CEO, the above effect doesn't exist. Under several robust checks such as excess cash holding and test period changing, the findings are stable. With the opportunity of management performance assessment changing, this paper extends the relevant research of cash holding from incentive angle. Since the paper affirms the positive effect of EVA assessment on cash holdings, it might also provide implications to a wider range of practical popularization of EVA assessment in the future.

Key words: central SOEs, EVA assessment, cash holdings, cash value, coordination effect

梁上坤, 潘俊, 白羽. EVA考核机制实施与公司现金持有——来自我国中央企业的经验证据[J]. , 2019, 31(12): 233-249.

Liang Shangkun, Pan Jun, Bai Yu. EVA Assessment and Cash Holdings: Evidence from Chinese Central SOEs[J]. , 2019, 31(12): 233-249.

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