資源描述：
《我國上市公司高額現(xiàn)金持有與影響因素的實證分析》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、華北電力大學(xué)碩十學(xué)位論文AbstractWiththecurrentrapiddevelopmentofChina’Ssecuritiesmarket，listedcompanieshavebecomethemainforceofChina’Smarketeconomy,andtheyareenterpriseorganizationfullofvigoranddevelopmentcapacity．Althoughlistedcompanieshavehugefundingandexpansioncapabilities，manyofthemtendtoholdlargeam
2、ountofcashinhand．InChina，generally,thepercentageofcashholdingsoflistedcompaniesishigherthanthoseofEuropeanandotherdevelopedcountries．Alargenumberofempiricalstudiesabroadhavediscussedthereasonsofthisphenomenonandtheimpactonthevalueofcompanies，thestatictradeofftheory,thefreecashflowtheoryandth
3、epeckingordertheory,etc．，havebeencarriedout．WhereasinChina，currently,eventhoughsomescholarsstartedtofocusingonthehighportionsofcashholdingsoflistedcompanies，thereisnounifiedinterpretationofthisphenomenoninthetheoreticalandalsoempiricalresearcharea．Thisarticleusestheagencytheoryandthetrade-of
4、ftheoryasthetheoreticalfoundation，analyzingthebehaviorofthehighcashholdingsoflistedcompanies，anddiscussesthemainfactorsaffectingthehighcashholdingoflistedcompaniesandtheimpactonthecompanyperformance．Thispaperreviewstheliteratureofthelistedcompanies’highcashholdingsmotivationwhichhasbeenresea
5、rchedbythedomesticandforeignscholars．Basedonthetheoryofhighcashholdings，combinedwiththeChina’Seconomicsystemandusingthe2007—2009ShanghaiandShenzhenlistedcompanydataastheresearchsample，Idefinedthehighcashholdingcompanyanddividedthesampleintotwogroups：highandlowlevels，respectively．Basedonexist
6、ingresearchpapers，usingthecontrastmethod，Idiscussedthecompany’Sfinancialcharacteristicsandmanagementfeatures，findoutthefactorswhichcouldaffectthehighholdingoflistedcompanies．Thefactorsareasbelow：companysize，financialleverage，cashflow,cashflowvolatility,short-termdebtstructure，thebankloads，ca
7、shsubstitutes，theproportionofstated—ownedsharesandthedegreeofprotectionofshareholders．ect．FinallyIusethefactorsastheresearchvariablestoconstructareasonablemodel，usingtheempiricalresearchmethodtoanalyzethecorrelationofthesefactorstothehighcashholdin
