企业现金持有行为与管理模式分析

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

2、，inordertorealizethepositivecycle，achievemaximalandsustainabledevelopment．Itisreasonabletoexaminefirms’cashmanagementbehaviorsincludingthequantityofcashfirmsholdandthepatternstomanagementit．Theearliestresearchinthisfieldcouldbebacktomoneydemandtheoryof

3、Keynes．Heraisedtransactionmotive,precautionarymotive，andspeculativemotivetoexplainwhyfilmsmustheldacertainamountofcashinsteadofinvestingthcmallinthemoneymarket．Eventhough,Keynes’theorynotreallyaboutcashmanagement，butmacroeconomics．NotuntilBaumol’transa

4、ctionmodelsthattheresearchoncashmanagementhadcometoanewperiod．．ThisstudyhasresearchedOHthepastpapersaboutcashmanagement,whichshowthatthepurposeofthoseresearchesistofiIldtherelationshipbetweencashholdingandSOmecertainfactorsthathaveinfluenceoncashmanage

5、ment．MainmethodsbeenusedaremodelingbaseOneconomictheoryandresearchondataanalysisbaseonstatisticsandeconometrics．ThemainpurposeofthisstudyistoexaminetherelationshipbetweencashholdingandthefactorsoncorporatefinancebaseOffdomesticdatawhichshowsthecharacte

6、rsordomesticfirmscashmanagementbehavior．What’Smore．sincethereisnoresearchfocusingontheinfluenceofindustrydifferencesonthecashpoliciesoffirmsfromdifferentindustries，thisstudyistryingtotestwhetherthereareindustrydifferencesincashmanagementbehaviors．Thisi

7、sthenewpointofthisstudy．Besides，itwillalSOintroducethemaincashmanagementpatterns．TherearefivemainpatternsthathasexciteduntilnOW．Allofthemhavetheadvantagesanddisadvantages．垦!!!竺!!竺竺!￡!!!生!!些里!!!壁!兰!!Thestructureofthisstudyisasthefollows：Firstpart，whatis

8、cashmanagement，whyitisimportant．Cashissomethingthatafirmcouldnotgowithoutbutalsocouldholdtoomuch．Becauseifafirmdecidestoholdsmallamountsofcash，ithastohaveaOce踌tothemoneyandcapitalmarketsorsellassets．Thecostofboththeseoptionswouldinducea