This paper combines debt maturity, monetary policy and cash holdings into the same analytical framework. Taking 835 A-share non-financial listed companies in Shenzhen and Shanghai as samples, we empirically analyzed through the simultaneous equation model and found that: company cash holding's possibility and debt period are determined endogenously. The shorter the company's debt maturity, the higher the refinancing risk, the more cash holdings; when the monetary policy is tightened, the listed company will increase cash holdings with caution. In the period of tight monetary policy, the cash holdings of listed companies with short debt maturities and high refinancing risks have increased more. Finally, further research in this paper shows that compared with state-owned enterprises, the cash holdings of non-state-owned enterprises are more affected by the debt maturity structure and monetary policy.
展开▼
