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众所周知,现金持有是公司财务决策的重要内容之一。对公司而言,现金持有量不但需要满足需求,使公司现金使用的效率最大化,也需要规避风险。从效率而言,现金持有量低意味着更高的使用效率,但更高的现金持有量可以规避风险。而本文中,我们希望从投资者的角度研究分析公司现金持有和预期收入的关系。本文中,我们使用portfolio 123研究公司现金持有和其相关风险如何影响公司预期收入。我们首先分析现金持有和预期收入的整体关系,继而分析在大型股和小型股中,现金持有和预期收入的不同关系。最后,我们将基于不同行业进行进行分析从而找出不同行业中不同的最优现金持有比例。
As we all know, cash holding is one of the important contents of the company’s financial decision-making. For companies, cash holdings not only need to meet demand, the company’s cash to maximize the efficiency, but also need to avoid risks. In terms of efficiency, low cash holdings mean higher efficiency, but higher cash holdings can evade risk. In this article, we hope to analyze and analyze the relationship between cash holding and expected income from the perspective of investors. In this article, we use portfolio 123 to examine how a firm’s cash holdings and its associated risks affect the company’s expected revenue. We first analyze the overall relationship between cash holdings and expected earnings, and then analyze the different relationships between cash holdings and expected earnings in both large and small stocks. Finally, we will conduct analysis based on different industries to find out the different optimal cash holdings in different industries.