Research on the Influencing Factors of Cash Holdings of Listed Companies—Based on the Perspective of Dual Principal-Agent Theory

摘要

From the perspective of dual principal-agent theory, this paper takes the panel data of A-shares in China from 2012 to 2019 as the research object, uses fixed-effect model to empirically analyze the influencing factors of cash holdings of listed companies from three aspects: ownership structure, board characteristics and quality of internal control information disclosure. At the same time, the empirical results are explained theoretically. The research in this paper is of positive significance to the cash holding management of listed companies in China.