An Empirical Study On The Factors Affecting Cash Holdings Of Listed Manufacturing Companies In China

Cash is known as the "blood" of the company, is a company owned and controlled by the assets of the strongest assets of liquidity and the ability to pay, but also satisfy the funds required for the company daily management, the repayment of company debts, the important guarantee of performance of the company’s obligations to pay taxes, not very perfect capital market in our country, the company owns a cash is necessary and valuable.But holding excess cash and will reduce the company’s service efficiency of funds, leading to excessive investment managers blind investment, such as the efficiency of investment phenomenon, is not conducive to the value of the company.Then, the company cash holdings will be influenced by what factors, and how these factors influence, the company will be affected by the cash holdings cash value?These are the areas of cash holdings of the issue. Along the above ideas, this paper studied the influence factors of cash holdings, and theoretical analysis of the intrinsic relationship between cash holdings and cash value, is advantageous to the rich research achievements in the field of cash holdings in China, can also be stakeholders such as shareholders, creditors and management decision-making to provide useful information.Based on related research at home and abroad on the basis of literature review and combing, draw lessons from existing research results, mainly from two aspects of financial characteristics and corporate governance, governance, analysis the influencing factors of corporate cash holdings.Based on this, the manufacturing listed companies as the research object, selecting Shanghai and Shenzhen two cities listed a-share manufacturing listed companies as samples, with its 2014 annual report on the basis of the relevant data, using empirical analysis method, the effect factors of manufacturing listed companies cash holdings are analyzed and validated, the results show that the manufacturing industry in our country the overall high cash holdings of listed companies;Financial characteristics factors are the important factors that affect manufacturing cash holdings of listed companies in China.Corporate governance factors on manufacturing the cash holdings of listed companies has certain influence.Finally, according to the research conclusion put forward the corresponding countermeasures and Suggestions.