Macroeconomic Conditions and Cash Holdings

摘要：

There are macroeconomic determinants of corporate cash holdings except internal factors. The paper chooses 841 listed companies from Shanghai and Shenzhen stock exchanges in the 2006-2010 period and regards corresponding balanced panel datasets as sample. The article analyzes the impact of macroeconomic conditions on corporate cash holding based on static panel data with fixed effects model and the random effects model. We find that corporate cash holdings are significantly negative related with the entrepreneur confidence index and significantly positive with the annual expenditure growth rate.

关键词： macroeconomic conditions cash holdings fixed effects model random effects model

作者: WU Huixiang

作者单位: College of Accounting, Shandong Institute of Business and Technology, Yantai,China,264005

会议类型: 国际会议

会议名称: 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)

会议地点: 大连

会议语种:英文

页码: 335-338

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）