Corporate Cash Holdings: An Empirical Investigation in Listed Publishing Companies in China

This paper investigates the empirical determinants of cash holdings in selected 13 listed publishing companies during 2012 to 201 7 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.