| Cash assets are indispensable in the company's daily management,due to its advantage of liquidity,it's known as "company's blood".But,as the most liquid,the weakest profitable assets,holding too much cash not only suppress enterprises to expand reproduction,but also may reduce profit margins.On the other hand,if the enterprise is short of cash reserves,it is likely to miss out on the high rate of return of investment opportunities.Also many enterprises was forced to declare bankruptcy because of capital chain's rupture,so a reasonable level of corporate cash holdings and influencing factors have become a urgent subject in the field of theory and practice that need to pay attention and be solved.In the related research of holding cash levels,equity structure heterogeneity's influence on cash holdings level research has drew more and more attention.Manufacturing industry in our country has formed a complete system of technology since the 1949,it has played a powerful roles in the international trade to make it account for more than 50%in the semi-products' Asian market share."Made in China 2025" is the icon file that represents the development of Chinese manufacture industry,manufacturing industry is the mainstay of China's economic development,therefore,based on the listed manufacturing companies,studying the effect of ownership structure heterogeneity of cash levels has extremely theoretical and practical value.In this paper,we study the relationship between the ownership structure of heterogeneity and cash holding levels,and against the influence of the heterogeneity of ownership structure on corporate cash holdings level,putting forward to optimize listed company ownership structure and cash holdings level's suggestions.This paper initially analyzes the relevant research on cash levels and influencing factors from domestic and foreign scholars,and related literatures concerning three aspects including combing equity concentration,principal-agent and ultimate control effect on cash level,meanwhile analyzing the heterogeneity of equity structure and affect the level of corporate cash holdings based on the mechanism of action,in order to propose the research hypothesis,and selected 5400 data from 900 manufacturing listed companies as samples from 2010 to 2015,building multivariate linear regression analysis model,setting cash levels as the explained variable,setting principal-agent situation,ownership concentration,the ultimate control as explanatory variables,progressing analysis of corresponding control variable,descriptive statistics analysis and regression analysis,in order to test the validity of the model and the correctness of assumptions.In this paper,the empirical results show that the large shareholder control for manufacturing companies cash levels will have a significant positive influence,the higher the degree of centralization,the higher the level of cash holdings for shareholders;Principal-agent situation did not have a significant impact on cash holding levels,Listed Companies' ultimate control strengthens,cash holding levels increases,making their relationship positive.Thus it suggests that listed manufacturing companies should strengthen the protection for minority shareholders within the legal system and improve the internal governance environment,adopting the diversified ownership reforms and optimize the equity structure,improve the ability of the supervision of the commercial Banks,and play the role of the regulators to strengthen constraints and incentives against management level. |
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