The Research About Chinese Listed Companies' Cash Flow Holding And Risk Management

Risk management can guarantee the normal operation of companies and financial risk management is the key to risk management, moreover, cash flow risk management is the core of financial risk management. This dissertation analyses the cash holding motivation and influencing factors of China's listed companies and make empirical study using China stock market data. Further, this dissertation improves the dynamic adjustment model of cash holdings and tests the dynamic adjustment character of company cash holdings in the machinery industry. Based on the above researches, in this dissertation the dynamic adjustment toward target capital structures of the China's listed companies has been further investigated. At last, measurement and management of cash flow risk have been studied using corporate finance and market risk management theory.Researches are as follows1. Analysis the cash holding motivation and influencing factors of China's listed companies. First of all, the dissertation analyses different motives of cash holdings and the positive and negative effects under different motives of cash holdings, then explores the influent factors of cash holdings and compares domestic with foreign related researches. On this basis, the influent factors, such as company side, financial leverage and dividend rate, etc. have been investigated by empirical methods.2. Research on the dynamic adjustment of China's listed company cash holdings. First this dissertation analyses the evolution and the latest developments of the Western cash holding theory, improves the dynamic adjustment model of cash holding and test the model's effectiveness by empirical study. At last the dissertation explores dynamic adjustment of corporate cash holding in machinery industry.3. The dynamic adjustment toward target capital structures of the China's listed companies. Based on the research on the theory and model of the dynamic adjustment toward target capital structures, the dissertation studies the dynamic adjustment toward target capital structures of the China's listed companies including 750 companies'dynamic panel data during 2000-2007.4. The cash flow risk measurement and management of China's listed companies. Based on the theory of the cash flow in financial management and VaR in risk management, the measurement of listed company cash flow risk has been studied. Firstly, the summary on the cash flow risk measurement and VaR method have been given. Then a new cash flow risk measurement method-CFaR has been designed. The comparison of the CFaR and VaR has been also discussed. Finally, the cash flow risk measurement exposure model has been created. The exposure of cash-flow-at-risk has been estimated empirically. And the methods of cash flow risk management have been mentioned.