Dissertation > Excellent graduate degree dissertation topics show

Macroeconomic Condition, Financing Constraints and the Value of Cash Holdings

Author: XuZuo
Tutor: HuangXingLuan
School: Xiamen University
Course:
Keywords: Macroeconomic Condition Financing Constraints the Value of CashHoldings
CLC: F275.1
Type: Master's thesis
Year: 2014
Downloads: 12
Quote: 0
Read: Download Dissertation

Abstract


Since the financial crisis in2008, scholars and the public focus on cross research of macroeconomic condition and the financial policy. There has been several studies which combined macroeconomic conditions and cash holding policy. But few scholars combine the value of cash hoding with macroeconomic condition.After reviewing the theory and literature of cash holding, we find that different theories about the value of cash holdings do not reach a consistent conclusion. This paper tries to combine the macroeconomic condition and cash holdings, exploring whether the value of cash holding will change in different macroeconomic situation. At the same time, we take the enterprises’financing constraints into account.Through empirical study, this paper find that enterprises tend to hold more cash during the economic downturn, and these cash holdings from precautionary motive can substitute for costly external financing, maintain the competition and improve enterprises’performance and value. So cash holdings are more valuable during the economic downturn than during the economic boom.After considering the enterprise’s financing constraints, we find the financing constraints are amplified during the economic downturn, so the company with high financing constraints can improve more value than the company with low financing constraints when holding cash.This paper researches the value of cash holding combined with macroeconomic condition and financing constraints, enriching and deepening the research findings in this area. In practical, the conclusion of this paper provides guidance to the company’s cash holdings behavior and also provides some suggestions to government.

Related Dissertations

  1. Research on Influence of Information Disclosure on Financing Constraints,F224
  2. A Study on Financing Constraints’ Effect on Investment of Listed Company in China,F832.51;F224
  3. Chinese Rural Studies SME financing constraints,F324
  4. The Study of Manager’s Risk Preference on Corporate Investment-Cash Flow Sensitivity,F224
  5. An Empirical Research on the Relationship Betweenfinancial Structure and Investment Behaviors of China’s Listed Companies,F275
  6. Empirical Study of Financial Constraints’ Influence on Chinese Enterprises’ Investment Behavior,F276.6;F275
  7. Property Nature、Separation of Control Rights and Cash Flow Rights and Corporate Investment,F271;F224
  8. Financing constraints on corporate R D investment impact study,F273.1
  9. Financing Constraints、the Process of Market and the Sensitivity of Investment-Cash Flow,F276.6;F224
  10. Study on the Effect of Political Connections on Investment of Chinese Listed Companies,F224
  11. Effective Tax Burden﹑Financing Constraints and Adjustment of Capital Structure,F275
  12. An Empirical Research on the Relationship between Financing Constraints and Investment-Cash Flow Sensitivities for the Listed Firms in China,F224
  13. The Determinants of Macroeconomic Investment in China and Regional Investment Differences,F123.6
  14. Study on Investment Cash Flow Sensitivity with Financial Constraints,F275
  15. The Impact of Financial Liberalization on Listed Firms’ Investment Finance in China,F224
  16. The Study on the Relationship between Capital Market and the Financing Constraints of High-Tech SMEs,F276.44;F224
  17. An Empirical Study on Effect of Financing Constraints on Firm’s Cash Policy,F224
  18. Cash flow financing constraints sensitive and investment relations,F224
  19. Chinese Manufacturing Listed Companies Investment expenditure and internal cash flow sensitivity studies,F425.7
  20. Financing constraints on investment in China 's listed companies,F224
  21. Financial Liberalization and Financing Constraints: Empirical Research on Chinese Stock Market,F832.2

CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management > Enterprise funds management
© 2012 www.DissertationTopic.Net  Mobile