上市公司盈余质量对现金持有的影响分析-analysis of the impact of earnings quality on cash holdings of listed companies.docxVIP

AbstractAsbloodofthecompany,cashpermeatesalltheaspectsoftheproducingandmanagingactivities.Itisboththepreconditionforthesurvivalanddevelopmentofthecompany,andtheultimatepurposeforproductionactivitiesofthecompany.Cashholdingdecisionisnotonlyanimportantsubjectinfinancialfield,butalsoafinancialstrategyinvolvingthefutureofenterprise.Earningsqualityasanimportantcomponentoftheinformationdisclosuremayleadtoinformationasymmetryandagencycost,thenaffectthecashholdingsofcompany.Therefore,Researchoncashholdingsbehavioroflistedcompaniesfromtheperspectiveofearningsqualityhastheoreticalsignificanceandpracticalsignificance.Basedonanalysisingtherelatedtheoryofearningsqualityandcashholdings,exploringthemechanismofearningsqualityoncashholdings.Itistheorized,differentpartsoftheearningsqualityhasdifferenteffectsoncashholdings.Accordingtothecashholdingstheory,businessperformancewillinfluencethecashholdingsdirectly,theinnateearningsqualityisanimportantmeasureindexofbusinessperformanceandprofitability,directlyimpactingcashholdings.Accordingtotheasymmetricinformationtheory,agencycostwhichiscausedbytheinformationasymmetrywillcausedgreatinfluencesoncashholdingsofcompany.Byinfluencingtheintermediatevariableinformationasymmetry,discretionaryearningsqualitywillhaveanindirecteffectoncashholdings.Accordingtotheabovetheory,choosingtheindicatorsofearningsquality,cashholdingandcontrolvariables,thenconstructingthemodelofcashholdings.Selectinga-sharelistedcompanieswhichexceptfinancialassamplesfrom2005to2011.Accordingtothedifferentattributesofearningsquality,usingtheDDmodeldividedearningsqualityintotwoparts,whichisinnateearningsqualityanddiscretionaryearningsquality,usingcorrelationanalysisandmultiplelinearregressionanalysis,toverifytheeffectofearningsqualityoncashholdings.Theempiricalresultsshowthatsignificantnegativecorrelationbetweeninnateearningsqualityandcashholdings,thehigherinnateearningsquality,thebettertheirfinancialhealth,thelowercostofexternalfinancingneeds,companywillchoosetoreducecashholding