关键词: 现金持有方案, 预期投资收入, 现金分红, 报童模型, 资金供应链

Abstract: Internal capital misallocation always leads to the war of control between company owner and manager. How to setup an optimal cash holding structure including investment income and cash dividend rate scheme as a decision framework for company value improvement become more and more important. A newsvendor model is applied and the strategic interaction as a Stackelberg game is built to analyze the effect of optimal cash holding structure from the owner's perspective. It is found that a risk-neutral owner should always set the cash dividend rate equal to industry cash dividend for offering convenient on using money to manager; The manager will always prefer investing capital by himself to borrowing outside capital; Under optimal cash holding structure,both the owner's profits and capital supply chain improve, and the manager might improve his profits relative to under borrowing outside capital depending on his current compensation contracts. Our findings support the "information" hypothesis in internal capital markets and provide guidance for company owner when facing manager market full of strong tendency of private benefits of control.

Key words: optimal cash holding structure, expected investment income, cash dividend rate, newsvendor model, capital supply chain