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Research on the Influence of Cash Holdings on Investment of Domestic Agricultural Listed Companies

Author: WuZuo
Tutor: ZhangXinLing；LiuYing
School: Inner Mongolia Agricultural University
Course: Agricultural Economics and Management
Keywords: Agricultural Listed Companies Cash holdings Investment spending
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 86
Quote: 0
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Abstract


Cash holding decision-making is an important decision for the company's cash not only for the normal operation of enterprises play an important role , but also a direct impact on corporate financing and investment behavior , and a reasonable level of cash holdings to ensure corporate stable and orderly carry out business activities , while effectively reducing agency costs . At present , the level of cash holdings of listed companies in China are generally higher than abroad , but in recent years , the level of cash holdings of listed companies in China has been showing a declining trend , while contrast , the level of cash holdings of agricultural listed companies every year. This article aims to analyze the impact factors of the level of cash holdings of agricultural listed companies , and the determination of the level of cash holdings of agricultural listed companies , and further study of the effectiveness of agricultural listed companies cash held by the level of investment spending . Formed the following conclusions : (1 ) the 2005-2009 financial data of listed companies in China's agricultural research object, an empirical study of influencing factors on the level of cash holdings of agricultural listed companies from the financial characteristics of factors aspects selected may affect listed six factors of the company 's cash holdings , the regression results show that the bank debt, the cash dividend payment of agricultural listed companies cash holdings level showed a significant negative correlation between the positive correlation between cash flow and cash holdings , financial leverage , the size of the company and investment opportunities and cash holdings level had no significant correlation . Bank liabilities , cash dividends and cash flows for the explanatory variables , establish regression equation determining the level of cash holdings in China's agricultural listed companies . (2 ) the determination of the level of cash holdings model compared with the actual level of cash holdings of agricultural listed companies , agricultural listed companies divided into high cash holdings and lower the amount of cash held by the two groups to test the level of cash holdings differences in investment spending , and the validity of the level of cash holdings of agricultural listed companies on the impact of investment spending . The results show that the high level of cash holdings of agricultural listed companies , its investment spending more , but the results of operations and there was no significant correlation .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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