融资约束下现金持有与现金流关系研究

Based on the uncertainty of cash flow sensitivity of cash and lack of related theory and model, this paper adds the cash holding and cash flow two variables based on the research of Almeida (2004), we find out when will the firms exhibit cash flow sensitivity of cash, then we use data to examine the applicability of our conclusion and based on the examination we research the influence of cash flow volatility on cash holdings. The study of the paper shows that:(1)the financial constrained firms has a positive cash flow sensitivity of cash, while the non-financial constrained firms do not;(2)no matter whether the financing constraints the cash holdings of firms are sensitive to cash flow when cash flow is negative, but only the cash holdings of financial constrained firms are sensitive to cash flow when cash flow is positive.