Macroeconomic Uncertainty Cash Holdings Behavior Research And Listed Companies

Throughout the media reports, microeconomic situation and the financial policies of the corporate are the public's two big heats,since the financial crisis in 2008. And the enterprise of cash reserve behavior is the important embodiment of enterprise financial policy by the public as seemingly, and it was so in practical work and theoretical guidance, But the number of the existing paper on corporate cash holding behavior from the macro view of literature is very few. Base on this,this paper attempts to explore the relationship between Angle, explore the macro economic situation and micro enterprise cash holding behavior from the macro economic uncertainty.This paper studies by the way of combinating theoretical analysis and empirical test.Firstly, explain the related basic theory of the determinants of corporate cash holdings and some empirical conclusions, further investigated the state of cash holding of the listed companies in China and related system background. then, puts forward the theoretical assumptions on the specific analysis about the macroeconomic uncertainty influence the corporate cash holding behavior and on different macroeconomic uncertainty condition, the corporate cash holding motivations reflect specific differences. Finally,set up empirical research model, and choose relevant data from the non-financial listed company of our country in 2001-2009, by using descriptive statistics, the correlation analysis and multiple linear regression analysis to test.This paper's research conclusion is the listed companys'cash holding behavior is different on different macroeconomic uncertainty condition in our country,the mainly displays are China's listed companies generally have cash accumulation tendency, and the higher degree of macroeconomic uncertainty, the listed company will raise the cash hold level, the stronger cash accumulation tend to.The specific situation is the company operation is not stable, no security earnings, the accuracy of the expecting on cash flow decline, the management of the company's trading sex motivation increased cash held,when economic uncertainty is strong;at the same time, the expected external financing channel narrow, financing costs increase, the managers of the enterprise preventive motivation of cash holding also aggravate.So we suggest our country's government should improve the research on macroeconomic and the level of decision-making, to make great efforts to perfect China's capital market, expanding our country enterprise financing channels and ways; our country corporate also should actively establish healthy and effective corporate governance mechanism, strengthen the cash management,improve the ability and the enterprise to the environment.