Cash Holdings, Macroeconomic Policies And Corporate Value

In today's global economic development,traces of general recovery,the global quantitative easing monetary policy adopted after the financial crisis in 2008 began to withdraw from the economic stage.The long-term global loose monetary policy and low-interest means to stimulate economic growth will also be the backdrop of history.The exploration of macroeconomic policies not only has theoretical significance,but also has important practical significance.Based on cash holding motivation theory and trade-off theory,this paper analyzes the influence of relative cash holdings on corporate value,and studies based on financing constraints theory and money supply theory.Macroeconomic policy is used as a regulatory variable to examine macroeconomic policy The effect of the relationship between relative cash holdings and corporate value.In the article's empirical analysis,the relevant data of China's Shanghai-Shenzhen A-share listed company from 2004 to 2016 was selected as a research sample.Through theoretical reasoning and empirical analysis,this study has reached the following conclusions: Among the Shanghai and Shenzhen A-share listed companies,(1)the relative cash holdings of companies have a significant positive correlation effect on corporate value,compared to state-owned enterprises.It is said that the relative cash holdings of non-state-owned enterprises have a more significant effect on the promotion of corporate value;(2)Monetary policy has a significant role in regulating the relationship between relative cash holdings and corporate value,compared to state-owned enterprises.Monetary policy will have a more pronounced regulatory effect on non-state-owned enterprises.(3)The role of excessively low relative cash holdings in easing the degree of financial restraint is limited,so it cannot play its role in promoting corporate value.In terms of theoretical significance,this paper proves that firms' relative cash holdings have a significant positive correlation effect on corporate value,monetary policy has a significant regulatory effect on the relationship between relative cash holdings and corporate value,and enriches policy formulation at the macro level.The research content of micro-level organizational behavior.In terms of practical significance,it can provide theoretical support for enterprises to establish a reasonable cash management system.Under the background of the new normal of economic development,it provides corresponding support for enterprises to adjust relative cash holdings according to the trend of monetary policy.