企业现金持有行为与管理模式.研究

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1、AbstractDrivenbyfastevolutioninthemoneymarketdudngthepasttwodecades，financialandtechnologicalinnovations，increasingcompetition，andinternationalizingofbusinesses，cashmanagementhasbecomeanincreasinglyimportantfunctioninmostfirms．Itseemslikethebloodofbody，inordertorealize

2、thepositivecycle，achievemaximalandsustainabledevelopment．Itisreasonabletoexaminefirms’cashmanagementbehaviorsincludingthequantityofcashfirmsholdandthepatternstomanagementit．TheearliestresearchinthisfieldcouldbebacktomoneydemandtheoryofKeynes．Heraisedtransactionmotive,p

3、recautionarymotive，andspeculativemotivetoexplainwhyfilmsmustheldacertainamountofcashinsteadofinvestingthcmallinthemoneymarket．Eventhough,Keynes’theorynotreallyaboutcashmanagement，butmacroeconomics．NotuntilBaumol’transactionmodelsthattheresearchoncashmanagementhadcometo

4、anewperiod．．ThisstudyhasresearchedOHthepastpapersaboutcashmanagement,whichshowthatthepurposeofthoseresearchesistofiIldtherelationshipbetweencashholdingandSOmecertainfactorsthathaveinfluenceoncashmanagement．MainmethodsbeenusedaremodelingbaseOneconomictheoryandresearchon

5、dataanalysisbaseonstatisticsandeconometrics．ThemainpurposeofthisstudyistoexaminetherelationshipbetweencashholdingandthefactorsoncorporatefinancebaseOffdomesticdatawhichshowsthecharactersordomesticfirmscashmanagementbehavior．What’Smore．sincethereisnoresearchfocusingonth

6、einfluenceofindustrydifferencesonthecashpoliciesoffirmsfromdifferentindustries，thisstudyistryingtotestwhetherthereareindustrydifferencesincashmanagementbehaviors．Thisisthenewpointofthisstudy．Besides，itwillalSOintroducethemaincashmanagementpatterns．Therearefivemainpatte

7、rnsthathasexciteduntilnOW．Allofthemhavetheadvantagesanddisadvantages．垦!!!竺!!竺竺!￡!!!生!!些里!!!壁!兰!!Thestructureofthisstudyisasthefollows：Firstpart，whatiscashmanagement，whyitisimportant．Cashissomethingthatafirmcouldnotgowithoutbutalsocouldholdtoomuch．Becauseifafirmdecidest

8、oholdsmallamountsofcash，ithastohaveaOce踌tothemoneyandcapitalmarketsorsellassets．Thecostofboththeseoptionswouldinducea