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《我國上市公司現(xiàn)金持有量的影響因素分析》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫。
1、幣政策寬松時，企業(yè)提高現(xiàn)金持有量，表明企業(yè)現(xiàn)金持有受到貨幣政策松緊程度的影響。本文的研究在一定程度上豐富了中國制度背景下現(xiàn)金持有量影響因素的研究成果，從實踐上為公司管理層、投資者、債權(quán)人和監(jiān)管部門提供新的思考角度，為企業(yè)合理安排負債和營運資本政策，適應宏觀經(jīng)濟環(huán)境和經(jīng)濟政策，并確定合理的現(xiàn)金持有量提供依據(jù)。關(guān)鍵詞：現(xiàn)金持有；負債；營運資本；行業(yè)特征；宏觀經(jīng)濟IIAbstractMyers(1996)proposedthathowtodeterminetheoptimalfirmcashholdingsisoneofthetenpuzzlesunsolvedinfinancialres
2、earchfield．Determiningareasonablecashholdinglevelisextremelyimportantfortheviability,competivenessandstrate-gicdevelopmentofacompany．Sincethe2008financialcrisis，“cashisking’’isbeingpaidmoreandmoreattentionfromcorporatemanagersandinvestors．Asami—cro—economicindividual，afirm’Scashholdingpolicyact
3、uallyisaffectedbyfactorsofcorporatelevel，industrylevelandmacrolevel．UsingtheOLScross-sectionalregressionmethod，thispaperconductsallempir—icalstudyof1742A—sharelistedcompaniesinthe2001-2012periods．Weempiricallystudytheeffectsoffinancialcharacteristics．specificallydebtandworkingcapitalre—quiremen
4、tsoncashholdings，combiningindustrialfactorsandmacroeconomicfactorsWeexploretheissuesofcashholdinglevelsandtheirdeterminantsamongdifferentindustriesandunderdifferentmacroeconomiccircumstances．Therearefivesectionsinthispaper：insection1，Iintroducetheresearchback—ground，researchframeworkandpotentia
5、linnovations；section2reviewstheliteratureandempiricalstudiesrelatedtocashholdingsandgivesabriefsummary；section3presentstheoreticanalysis，hypothesisandmodel-buildings；insection4，Iempiricallystudythedeterminantsofcashholdingsfromfinancialcharacteristics，industrialcharacteristicsandmacroeconomicsf
6、eatures；section5summarizesthispaper，pointsoutthepotentialinnovations，deficienciesandresearchofientationsinthefutureThemainconclusionsinclude：(1)theimpactsofleverageoncorporatecashholdingsis“non—monotonic”ratherthansimple“l(fā)inearnegative’’：therelationshipoftotalleverageandcashholdingsisLtype，whil
7、etherelationshipoffinancialleverageandcashholdingsisUtype；(2)commercialcreditdebtratiohasasignificantpositiveeffectoncashholdings，andthehigherthecommercialcreditdebtratiois，indicatingtheOPMstrategyimplementsefficiently，thehigherca
