CFO social capital, liquidity management, and the market value of cash✰
研究发现，在金融行业拥有广泛社会关系的CFO所在企业持有更少的预防性现金，且这些企业新增现金的市场估值更低，表明投资者将CFO的社会资本视为缓解外部融资约束的替代手段。
We find that firms with CFOs who have extensive social connections within the finance industry hold less precautionary cash. CFO connections matter more than CEO connections, reflecting the preeminence of CFOs among C-level executives in cash management and negotiating access to corporate finance. Firms reduce the proportion of assets held in cash by seven percentage points in the two years following CFO turnover and the appointment of a CFO with finance industry connections. The stock market valuation of incremental cash holdings of firms with well-connected CFOs is lower than for other firms, consistent with investor recognition of CFO social capital as an alternative means to address constraints on external capital.