The Study on the Financing Constraints and the Acts of Corporate Cash Holdings

摘要

This paper focuses on the relationship between the financing constraints and the acts of corporate cash holdings and finds out the positive relation between the financing constraints and the cash-cash flow sensitivity and eventually illustrates the company with higher financing constraints tends to accumulate more cash compared with those with lower financing constraints by making use of the research approaches of ACW(2004), combined with Chinese economic environment and the background of special system, and taking asset scale, the nature of controlling stake and financial development index as the standards of the financing constraints classification and the A-share listed companies in shanghai and Shenzhen stock market as the research objects.