关键词: 现金储蓄,同行股价,股价信息含量,决策效率,学习动机

Abstract: Based on the samples of non-financial listed companies, this paper explores whether managers will listen to market voices in making their cash savings decisions. The findings show that managers will adjust their own cash savings level according to the share price levels in the same industry, and the information content of the share prices in the same industry can increase the sensitivity of cash savings to the share prices in the same industry. This indicates that managers in the cash savings decision-making have the market learning behavior in the same industry; this behavior will improve the efficiency of decision-making and improve the business performance. The results of the further study show that in the growing industries and competitive industries, the market learning in the same industry is more obvious, and that the private enterprises and managers of the lower status enterprises in the industry are more inclined to learning from the market in the same industry.

Key words: cash deposit; peer stock price; share price information content; decision efficiency; learning motivation