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文章采用2007~2012年的数据作为样本,研究了会计稳健性对公司现金持有边际价值效应的影响,以及这种影响在实际控制人性质不同的公司中的差异。研究结果表明:会计稳健性能够增强公司的现金持有边际价值效应,缓解管理层与股东之间的代理冲突;实际控制人性质本身对会计稳健性和现金持有边际价值效应的关系不能造成实质影响;无论是在实际控制人性质为国有还是非国有的样本公司中,会计稳健性增强现金持有边际价值效应的作用均显著存在。
Using the data from 2007 to 2012 as a sample, the article studies the effect of accounting conservatism on the marginal value effect of cash holdings of companies and the differences among companies with different types of actual controllers. The results show that: accounting conservatism can enhance the company’s cash holding marginal value effect and ease the agency conflict between management and shareholders; the nature of the actual controller can not contribute to the substance of the relationship between accounting conservatism and the marginal value effect of cash holdings The role of accounting conservatism in enhancing cash holdings of marginal value effects is significant both in the sample companies whose actual controllers are state-owned or non-state-owned.