零售业上市公司现金持有水平研究

现金是企业生存发展的"血液",它与企业的经营发展息息相关,在行业竞争的大环境下,发挥现金持有的竞争优势可以提升企业的市场竞争力.持有现金的机会成本和短缺成本都会影响企业的价值,因此确定合理的现金持有水平尤为重要.本文以我国A股零售行业85家上市公司2010～2019年的数据作为研究对象,研究了零售行业的现金持有水平的影响因素,包括财务特征和公司治理两个角度,并提出了对策与建议.

Research on the Cash Holding Level of Listed Companiesin Retail Industry

Cash is the "blood" for the survival and development of an enterprise, and it is closely related to the business development of an enterprise. Under the environment of industry competition, giving full play to the competitive advantage of cash can enhance the market competitiveness of an enterprise. The opportunity cost of holding cash and the cost of shortage will affect the value of the enterprise, so it is particularly important to determine a reasonable level of cash holdings. Based on the 2010~2019 data of 85 listed companies in China''s A-share retail industry, this paper studies the factors affecting the cash holding level of the retail industry, including financial characteristics and corporate governance, and proposes countermeasures and suggestions.