Study On The Determinants And Marginal Value Of Cash Holdings In Chinese Listed Companies:Based On The Macroscopic Economy

Cash holdings is an important research topic in Enterprise financial management. It must be considered in the day-to-day running management, strategic choice, and investment and financing decisions of the enterprise. Studies of cash holdings from Keynesian monetary demand theory proposed by experts and scholars have successively put forward after the cash transaction cost theory, the optimal sequence financing theory, trade-off theory, agency theory and strategic value said. But as an important part of social and economic development, the enterprise can’t independence from external macroeconomic environment and economic policy. The author to explore the empirical macro-level factors-the macroeconomic and policy factors influence on corporate cash holdings, then to achieve constructive conclusion.This paper respectively from the micro-level factors (including financial and management factors) and macro impact factors (GDP, fiscal policy, monetary policy), two main line, to research in 2003-2013 in nearly 11 years in Shanghai and Shenzhen two cities of more than 2000 a-share listed companies cash holdings, cash holdings influencing factors model was constructed, the factors affecting the cash holdings of Chinese listed companies and the marginal value of empirical analysis, further to explore the effects of macroeconomic of listed companies. After analysis found that the macroeconomic and policy does influence the cash holdings and their marginal value of listed companies in our country, and it is concluded that:in the macro economic prosperity stage, the company will hold less cash, the higher the marginal value of cash; When monetary policy tightening, cash holdings of listed companies, the lower the marginal value of cash; Countries to implement a proactive fiscal policy, will reduce the cash holdings of listed companies, the marginal value of cash is higher; The macro factors impact on the cash value of the non-state-owned listed companies than state-owned listed companies. At the same time, the marginal value of cash holdings of listed companies in our country there are serious at a discount, the marginal value of average every RMB cash at about 0.5 yuan.This paper is divided into five main parts:the first chapter based on the paper’s research background, came up this paper’s research purpose, details and significance, and, this chapter reviews the research achievements of literature at home and abroad. The second chapter reviews the related factors affecting cash holdings and their marginal value of the research situation at home and abroad. The third chapter of empirical analysis combined with the related theory of the influence factors of cash holdings of listed companies in our country. The fourth chapter based on the third chapter, further analysis of the cash held by the listed companies in our country the influence factors of marginal value. The fifth chapter based on the analysis of the previous section, the conclusions of this study is given, disadvantages and the prospect of research.