会议专题

The Relationship between Cash Holdings and Cash Flow Based on Chinese Market Data

Cash is the most liquid and least profitable asset. In order to maximize shareholder value, transaction costs theory and asymmetric information theory discuss the relationship between cash holdings and cash flows, that is static cash and dynamic cash, but the two theories get contradictory conclusions. In this paper the relationship between cash holdings and cash flows was examined by empirical study based on 5900 data sample of Chinese listed firms. The results show that cash holdings is significant positive related to net operating cash flow, net investing cash flow and net financing cash flow, and the larger the scale of the company, the greater the sensitivity of cash holdings to net cash flow from investing activities.

cash holdings cash flow net investing cash flow

ZHANG Yuemei ZHU Yan

School of Management, Dalian University of Technology, Dalian, China, 116024

国际会议

The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

大连

英文

669-673

2012-07-07(万方平台首次上网日期,不代表论文的发表时间)