Research On The Influencing Factors Of Cash Holdings Of Small And Medium Listed Companies In China

In the company's assets,cash has a very strong liquidity,for any enterprise,its importance is self-evident.In the operation of the company,the enterprise must hold a considerable amount of cash for the purpose of maintaining operation,preventing risks and investment needs.However,the large amount of cash held will result in inefficient use of funds,which will affect the growth of the company.Therefore,whether the amount of cash holding is appropriate in relation to the survival and development of enterprise,which requires enterprises to take into account the impact of various factors when making cash holding decisions.This thesis is an in-depth discussion on this issue.At present,foreign research has made a series of achievements.In comparison,there is still a large gap in domestic research in this area,which is still in the absorbing stage of foreign achievements.Domestic scholars mostly study the influence of a single level of factors on the Cash holdings of A-share main board enterprises from a static perspective.Fews pay attention to the situation of the small andmedium-sized board market and the comprehensive influence of all levels' factors,and the conclusions drawn by different scholars are very different,so it is necessary to carry out further research.This thesis adopts the research method combining theory with demonstration.Based on the theoretical analysis,we take 560 enterprises listed in China's small and medium-sized board for five consecutive years from 2012 to 2016 as a sample,and select 15 possible influencing factors in the three aspects of corporate financial characteristics,governance structure and macro-economy,then establishes static and dynamic model to carry out empirical research,and draws the following conclusions:small and medium-sized enterprises in our country have a higher level of cash holdings.There is a target holding quantity within the enterprise,and the adjustment rate to the target value is 0.3324.In addition,corporate cash holdings are significantly negatively related to financial leverage,cash substitutes,bank debt,capital expenditures,management shareholding ratios and monetary policies,and are positively related to cash flow,cash dividend payments,and fiscal policies.Moreover,the impact of these factors on corporate cash holdings is stable.At the same time,it is found that the company pays more attention to the factors of financial characteristics and macro-economic than the corporate governance structure in the cash management.