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现金持有水平的确定和调整是财务决策的重要内容。现金持有在公司经营活动中发挥着重要的作用,围绕着现金持有决策的研究不论是在学术界还是实务界都具有重要的意义。本文首先回顾了现金持有研究的理论发展,然后分析了影响现金持有的主要因素,最后分析了现金持有的权衡理论和动态权衡理论,对公司决策具有重要的借鉴意义。
The determination and adjustment of the cash holding level is an important part of financial decision-making. The cash holding plays an important role in the company’s business activities. The research around the cash holding decision-making is of great significance both in academia and practice. This paper first reviews the theoretical development of cash holdings research, then analyzes the main factors that affect the cash holdings, and finally analyzes the cash-held trade-off theory and dynamic trade-off theory, which has important reference for the company’s decision-making.