【摘要】 本文根据2000—2005年沪深股市586家A股上市公司的数据,考察了上市公司现金持有比率的决定因素。实证发现投资水平、资产负债率、现金替代物与现金持有比率负相关,债务期限结构和每股股利与现金持有比率正相关,现金流、企业规模、现金流波动率和财务实力的影响随不同的成长性而不同。实证结论更多地支持了啄食理论。更多还原

【Abstract】 With the data of 586 listed companies of stock markets of Shanghai and Shenzhen from 2000-2005,this thesis analysis the determinants of cashholding.We find that casholding is negative related to investment,leverage,cash substitute and positively related to debt maturity structure and dividends.The relationship between Cashholding and cash flow,size,cash flow volatility and Altman Z are different in different panel with high or low growth opportunities.The result find more support of the pecking order theory.更多还原