非完善市场条件下的公司现金持有影响因素分析

The Determinants of Corporate Cash Holdings in the Imperfect Markets

现金持有是公司财务决策的一个重要内容之一。在完善市场条件下,现金持有多少无关紧要;在非完善市场条件下,公司现金持有则受到公司规模、负债率等公司财务特性和公司股权集中度、董事会、监事会等公司治理结构的影响,此外还会受到股东和债权人保护、宏观经济波动等外部因素的影响。

Cash holding is important in corporate financial decisions. In perfect markets, cash holdings do not matter much. But in imperfect markets, cash holdings would be affected by several factors, such as, the effects of corporate growth opportunity, leverage, size, and the effects of corporate governance structure and the external environment.