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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/117426
    請使用永久網址來引用或連結此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/117426

    題名: 企業現金持有的影響因素—來自中國大陸的實證分析
    The determinants of cash holding: evidences from China
    作者: 陳韞妍
    貢獻者: 陳威光

    關鍵詞: 現金持有
    Cash holdings
    Main board
    Small and medium enterprise board
    Growth enterprise board
    日期: 2018
    上傳時間: 2018-06-01 15:51:46 (UTC+8)
    摘要: 現金是企業流動性最強的一項資產,良好的現金流循環對於企業日常的經營、籌資、投資活動起著重要的作用。本文以2009-2016年中國主板、中小板及創業板上市企業為研究對象,對這三個市場上市企業的現金持有水平及其影響因素進行比較分析。
    Cash is the most liquid current accent in balance sheets. A good cash flow plays an important role in a firm’s daily operating, investing and financing. In cash flow statement, net cash flow is the main component of a firm’s operating, investing and financing. Base on the enterprises in China A-share stock market from 2009 to 2016, we separate these enterprises into parts according to the enterprises’ offering market, such as the main board, small and medium sized board and growth enterprises board.
    Basing on the impact factor of cash holdings model from Opler et al. (2002) and the selecting of the impact factor of cash holdings in China stock market, this thesis constructs a testing model of determinants of the level of cash holding and draws to these conclusion: 1. The cash holding level of small and medium sized board market and growth enterprises market are higher than that of main board market. 2. Three types of net cash flow of cash holding level of small and medium sized board and growth enterprises board are significantly different from those in the main board. 3.Different industry has different cash holding level. 4. Cash holding level has significant difference between before and after China's New Normal in main board market and growth enterprises market. 5. Management shareholding level and state holding level, has a significant positive correlation with cash holding level in the main board.
    This thesis makes a contribution to providing new ideas and methods in studying the impact factor of cash holding level, researching the source and cash holding’s influence to cash from a firm’s operating, investing and financing activities.
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    描述: 碩士
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105352038
    資料類型: thesis
    顯示於類別:[金融學系] 學位論文




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