The Study on the Financing Constraints and the Acts of Corporate Cash Holdings

摘要：

This paper focuses on the relationship between the financing constraints and the acts of corporate cash holdings and finds out the positive relation between the financing constraints and the cash-cash flow sensitivity and eventually illustrates the company with higher financing constraints tends to accumulate more cash compared with those with lower financing constraints by making use of the research approaches of ACW(2004), combined with Chinese economic environment and the background of special system, and taking asset scale, the nature of controlling stake and financial development index as the standards of the financing constraints classification and the A-share listed companies in shanghai and Shenzhen stock market as the research objects.

关键词： Financing Constraints Cash Holdings Cash Flow Sensitivity

作者: CHEN Zhi ZHANG Jian

作者单位: Accounting Department of Shandong Institute of Business and Technology,China,264005 China Construction Bank,Branch of Jilin Province,130021

会议类型: 国际会议

会议名称: 2010 International Conference on Technology Innovation and Industry Development(2010年技术创新与产业发展国际研讨会)

会议地点: 烟台

会议语种:英文

页码: 848-853

在线出版日期: 2010-09-17（万方平台首次上网日期，不代表论文的发表时间）