民营企业现金持有量影响因素研究

Research on Influencing Factors of Cash Holdings of Private Enterprises

民营企业相对国企较少获得国家支持,其现金持有决策符合市场决策规则。将现金持有量的影响因素定位为内部财务和外部行业特征,通过回归分析,发现现金替代物、企业的银行负债、财务杠杆、企业规模与现金持有量呈负相关关系,企业的增长机会、现金流量、现金股利、激烈的行业竞争与现金持有量呈正相关关系。

Compared with state-owned enterprises,private enterprises get less support from the state,and their cash holding decisions conform to the market decision-making rules.In this paper,it definedthe influencing factors of cash holdings as internal financial and external industry characteristics. Through regression analysis,it found that cash substitutes,bank liabilities,financial leverage,enterprise scale and cash holdings were negatively correlated,while growth opportunities,cash flows,cash dividends,fierce industry competition and cash holdings were positively correlated.