| Cash is the most liquid and least profitable asset of all assets.It is an important guarantee for a series of financial actions such as supporting the normal operation of the enterprise,paying the creditor money,paying the tax on the state on time.After the outbreak of the global economic crisis in 2008,in the environment of uncertainty,a large number of enterprises only because of the wrong cash holdings of the strategy so that their own into the financial difficulties,some enterprises even into bankruptcy situation.Business managers once again deeply understand the cash holding strategy for the importance of its business development,a large number of scholars have begun to re-focus on corporate cash holding decision-making issues.The lack of liquidity in the global context caused by the financial crisis has led to the expansion of the external environment in which firms are constrained by financing constraints.In this case,scholars have begun to link cash holdings with macroeconomic Its inner association.At present,in the field of cash holding economic value,scholars have focused more attention on financial characteristics and the relationship between governance aspects and their values.Some scholars have studied the influencing factors of cash holdings The macroeconomic considerations,but in the field of cash holding economic consequences of the field,few domestic scholars will consider the macroeconomic environment,and monetary policy as a government to control the macroeconomic a very effective means to consider it in cash The economic consequences of the study of the economic consequences of the existence of corporate cash holdings at the same time the positive value effect,the negative value effect and the nonlinear value effect of the research conclusions.Therefore,this paper takes the change of monetary policy faced by enterprises as the breakthrough point.Based on the summary of previous research results,we select the first quarter of 2010-the fourth quarter of 2014 in China only in the A-share listed companies As a research sample,the classical regression model of Fama and French is used to study the difference of the excess cash holding value of enterprises under different monetary policies.The following conclusions are obtained through empirical analysis:First,China's listed companies generally prefer to hold higher cash relative to other countries,and cash holdings are right-skewed,and the 2010-2014 level of cash holdings fluctuates to a steady State,the level of cash holdings in the industry to reflect the more obvious.Second,the current cash holdings of listed companies in China is not sensitive to changes in monetary policy,that is,China's listed companies did not adjust their own cash holdings as the central bank's monetary policy changes.In the case of controlling other factors,the overall value of listed companies in China during the period of tightening monetary policy is higher than that of loose monetary policy.Third,the value of excess cash held by enterprises in different monetary policy period performance is different.In the tight monetary policy period,the amount of excess cash holdings of the market value is higher than its book value,excessive excess cash holdings of the market value is lower than its book value,that is,the listed company's excess cash holdings and corporate value Inverted U-type;in the loose monetary policy period,China's listed companies oversubscribed cash market value is lower than its book value.Those excess cash holdings will have a negative impact on corporate value.Based on the above conclusions,this paper proposes the following policy recommendations:Based on the above conclusions,this paper puts forward the following policy recommendations:to strengthen the existing management mechanism to improve the efficiency of cash holdings;pay attention to changes in national monetary policy,increase the level of cash holdings of monetary policy sensitivity;improve corporate governance,the constraints of the mechanism,the cost of regulatory agents. |
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