现金持有决策的影响因素——来自B股公司的经验证据

The Determinants of Cash Holdings Decision ——New Evidence from B-share Companies

以中国B股公司为样本,采用逐步回归法,对现金持有的影响因素进行了实证分析。结果表明,企业规模与现金持有水平显著正相关;现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关;没有证据显示增长机会、现金流、现金流变异性、银行债务、债务期限结构及股利支付是影响现金持有水平的重要因素。

Using a panel data of China＇s B-share companies, we conduct an empirical analysis on the determinants of corporate cash holdings by step - wise regression. The evidences show that corporate size has significantly positive relation with the corporate cash holdings. The evidences also show that cash substitutes, financial leverage, and corporate age have significantly negative relation with the corporate cash holdings. However, no evidences show that growth opportunity, cash flow, cash flow variability, bank debt, maturity structure of debt, and dividend payment are important determinants of corporate cash holdings.