| Cash holding behavior is no longer confined to specific liquidity ratio in the financial statements,more cases is a comprehensive financial decision,the cash holding level reflects the corporate governance and the financial management strategy.However,due to the imperfect legal mechanism in China,the corporate governance situation is not optimistic,and the phenomenon of cash abuse is common.Because of the existence of financing constraints,the family enterprises with relatively poor corporate governance tend to hold high cash.What is the purpose of this excess cash holdings?Through the study of cash holdings of family enterprises,we can understand the financial policy of family enterprises more clearly,clarify the motivation of cash holdings and the economic value of cash holdings.CEO is the core of enterprise management,and its change is a major strategic decision of the enterprise.According to the higher order theory,managers' personal characteristics are often related to their own cognition,and the characteristics of these managers will lead to their preferences in behavioral decision-making,thereby affecting the development of enterprises.According to upper echelons Theory,managers' personal characteristics are often related to their own cognition,and the characteristics of these managers will affect their preferences in decision-making,thereby affecting the development of enterprises.Family business has always been considered have a serious corporate governance problem,the source of CEO will directly affect the company's governance.In addition,China has entered an important period of intergenerational succession of family business,what will it bring to the enterprise?Can the family heir undertake the important task?Are there any differences between these three types of CEO on competitive advantage of cash holdings? The research of these problems can expand the research field of family business.We determine the related concepts in the research and combine the domestic and foreign scholars on the study of related literature,and then put forward the personal opinion of the research.We use family control theory,family enterprise risk aversion hypothesis,social emotional wealth theory,agency theory,upper echelons theory,social identity theory,stewardship theory,management defense theory,resource dependence theory,information asymmetry theory to analysis research,then we put forward the research hypotheses and provide theoretical support for the following empirical study.We construct the model to prove the hypothesis.This paper attempts to study theeconomic consequences of different sources family enterprises' CEO from the perspective of competitive advantage of cash holdings,which has certain theoretical and practical value.This paper selected from 2010 to 2014 in Shanghai and Shenzhen A shares of listed family enterprises as the research object,studies the correlation between the level of cash holdings and the market competitiveness of enterprises,the empirical study shows that the family firm cash holdings will bring competitive advantage.In the background of the intergenerational succession of family businesses,the source of CEO is divided into three sources,the founder as a family business CEO,the two generation of the family as a family business CEO and external managers as a family business CEO.First of all,we prove that family firms have the competitive advantage of cash holdings.Secondly,we study the impact of different types of CEO on the competitive advantage of cash holdings.Empirical studies confirm these hypotheses.The founder-CEO may be due to risk aversion or rent-seeking motives,will damage the competitive advantage of cash holdings and reduce the family business value of cash holdings,Heir-CEO will strengthen the competitive advantage of cash holdings.External managers acting as CEO will also significantly enhance the competitive advantage of cash holdings.The main contributions of this dissertation include: focus on family enterprises,enriches the study of family enterprises and the field of competitive advantage of cash holdings,also confirmed that the family business enterprises have more cash reserves have significance.Secondly,through the perspective of family firm CEO,it provides a new perspective.Finally,this paper enriches the source of CEO in family business,and provides some theoretical guidance for family enterprises to choose executives. |
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