Corporate Governance, Uncertainty and the Value of Cash Holdings - Based on Preliminary Evidence of Chinese Listed Companies

摘要

Abstract-this paper selects listed company data of A share from 1999 to 2008, explores the relationship among different levels of corporate governance, uncertainties of macro/ industry/ individual and the value of corporate cash holding. The results show that enterprises are facing higher degree of uncertainty, the higher the value of its cash holdings, this higher level of corporate governance reflects the more significant positive relationship.