The Review and Prospect for Empirical Research on the Determinants of Corporate Cash Holdings

After reviewing the related domestic and foreign literature, this article thinks that the company's financial characteristics, corporate governance and the macro environment have a significant influence on cash levels. By comparison, we find that domestic studies focus on the influence of corporate governance structure on the level of cash holdings, the foreign studies are more comprehensive and in-depth not only in sample size and scope of national study, but research methods and research angle. In addition, the macroeconomic environment's influence on the level of cash holdings has not got enough attentions, which needs to be further studied as a important subject for researchers.