Corporate Cash Holdings and Financial Constraints —An Analysis Based on Data on China at Company Level after the Global Financial Crisis

Digital Finance and Corporate Cash-Holding Strategy: Organizational Heterogeneity and Strategic Transmission Channels

“…Column (1) of Table 2 reports the regression results of digital finance (Index) on the level of cash held by listed companies (Cash), whereas columns (2) to (4) report the regression results of the three breakdowns of digital finance: breadth of digital finance coverage (Breadth), depth of digital finance use (Depth), and digitization of financial inclusion (Digi), respectively, on the level of cash held by listed companies (Cash). The empirical results in column (1) show that the coefficient of digital finance (Index) as an explanatory variable whose regression coefficient is −0.0001, was significantly negative at the 1% significance level, indicating that the development of digital finance in the region reduced the level of cash holdings of listed companies in the region, and the regression results effectively support H1. Columns (2) to (4) examine the relationship between the different dimensions of digital finance development and corporate cash holdings, respectively.…”

“…Table 3 presents the results of the regressions of digital finance (Index) on the level of cash holdings (Cash) of listed companies, distinguished according to whether the listed companies in the sample are group-held or not. Column (1) shows the results of the moderating effect test with the inclusion of the interaction term, and columns ( 2) and (3) show the results of the group regression of digital finance (Index) on the level of cash held by listed companies (Cash). The regression results in column (1)show that the coefficient result of Digital Finance shows significantly negative at the 1% level, and the coefficient on the interaction term between digital finance and group control (Index*Group) was significantly positive at the 1% level of significance, indicating that digital finance can reduce a firm's cash holdings and the effect of digital finance on the cash holdings of independently listed companies was more significant and that the development of digital finance weakened the comparative advantage of capital markets within corporate groups.…”

“…The trend of "cash is king" has become more apparent and has attracted the attention of all sectors of society. Restricted external financing [1], uncertainty in the governance environment [2], and selfinterest motivation for investment [3] are fundamental reasons for listed companies holding large amounts of cash. Improving corporate financing environments and strengthening external governance are critical channels for optimizing corporate capital allocation decisions and revitalizing corporate capital stock.…”

Research on management evaluation of enterprise sales cash flow percentage method based on the application of quadratic linear regression equations

“…The thesis uses the sales percentage method to predict the short-term capital needs of the enterprise, and the following assumptions must be met: the proportion of annual income, costs, assets, liabilities and other items is consistent with sales revenue. Only when there is a feasible connection between these projects, the future relevant data can be predicted by the owner's current and existing income, expenses, assets, liabilities and equity [4].…”

Effect of debt structure concentration on the investment–cash flow sensitivity of Brazilian companies

“…In estimations IV, V and VI, we also change another important proxy for this study, cash flow. For these new estimates, we considered as the cash flow the Net Income plus Amortization and Depreciation as in Ding et al (2013), Sousa and Ottaviano (2017), Silva et al (2019) and Zhang et al (2019).…”