Empirical Research Of Financial Characteristic's Influence To Cash Holding Level In Chinese Manufacturing-listed Companies

Cash holding level is a significant topic in financial management.Cash holding level is not only relevant to enterprises daily operation,but also the necessary factor for their strategy choice and investment decision.There is an important practical significance on study of financial characteristic influence of manufacturing-listed companies to cash holding level.On the basis of domestic and foreign scholar's study,and the background of Chinese listed companies,this paper from year and industrial aspects analyzes cash holding level of Chinese listed companies.Comparative study on cash holding level with the top 100 manufacturing companies and the whole manufacturing industry.On empirical research,paper select Chinese manufacturing listed companies between 2010 and 2014 year as our sample.We use descriptive statistics,Correlation coefficient test,regression analysis to study the influences of company scale,profitability,cash flow,debt maturities structure,cash substitution and cash dividends on enterprise's cash holding level.This paper also include the annual and industrial control variable.Empirical results indicate that company profitability and cash dividends have a forward effect on enterprise's cash holding level.The debt maturities structure and cash substitution has a negative effect on enterprise's cash holding level.The company size and cash flow have a negative impact to enterprise's cash holding level before include control variable and have a positive impact to enterprise's cash holding level after introducing annual and industrial control variable.