Publishing Journal ›› 2017, Vol. 25 ›› Issue (3): 32-.

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Empirical Research on the Determinants of Cash Holdings in Listed Publishing Companies in China

  

  • Online:2017-05-15 Published:2017-05-15

Abstract:

This paper investigates the empirical determinants of cash holdings in selected 13 listed
publishing companies during 2010 to 2014 year in China. It finds that financial leverage, cash substitutes have
a significant negative relation with the level of cash reserves, and ownership concentration exerts a significant
positive impact on cash holdings for all sample companies. For the high-growth listed publishing companies,
the result reveals that the cash flow and the debt maturity have a significant influence on cash holdings; for
the low-growth listed publishing companies, the capital expenditures have a weak impact on cash holdings.
Finally, it points out that listed publishing companies should adjust capital structure, increase investment
in short-term securities, perfect the corporate governance structure, and correctly handle the relationship
between the growth and cash holdings, etc.