Groups of Companies, Cash Holdings Level and Credit Risk

被引：0
|
作者：
Xie, Xiaofeng [1 ,2 ]
Xu, Kai [1 ,2 ,3 ]
Yang, Yang [4 ]
Zhou, Zongfang
机构：
[1] Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu, Sichuan, Peoples R China
[2] Chengdu Neusoft Univ, Gen Educ Dept, Chengdu, Sichuan, Peoples R China
[3] Chengdu Univ, Sch Business, Chengdu, Sichuan, Peoples R China
[4] Southwestern Univ Finance & Econ, Sch Econ Math, Chengdu, Sichuan, Peoples R China
来源：
PROCEEDINGS OF THE THIRD INTERNATIONAL CONFERENCE ON ECONOMIC AND BUSINESS MANAGEMENT (FEBM 2018) | 2018年 / 56卷
基金：
中国国家自然科学基金;
关键词：
Groups of companies; Cash holdings level; Credit risk; Ownership property; BUSINESS GROUPS; EMERGING MARKETS;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Based on KMV model, this paper empirically studies the internal relationship between groups of companies, cash holdings level and credit risk, and tentatively explores the intrinsic mechanism between cash holdings and credit risk of state-owned groups of companies. The research shows that :(1) compared with companies with independent legal persons, the cash holdings level of listed subsidiaries of groups of companies is lower, and the cash holdings level of state-owned and private groups of companies is significantly different;(2) the cash holdings level of listed companies is negatively correlated with the credit risk, but the state-owned ownership property weakens the relationship;(3) at the groups of companies level, the negative correlation between cash holdings level and credit risk is only maintained in the groups of companies with private ownership property.
引用
收藏
页码：18 / 23
页数：6
相关论文
共 50 条
  • [11] Does firm-level political risk affect cash holdings?
    Shehub Bin Hasan
    Md Samsul Alam
    Sudharshan Reddy Paramati
    Md Shahidul Islam
    [J]. Review of Quantitative Finance and Accounting, 2022, 59 : 311 - 337
  • [12] Does firm-level political risk affect cash holdings?
    Bin Hasan, Shehub
    Alam, Md Samsul
    Paramati, Sudharshan Reddy
    Islam, Md Shahidul
    [J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2022, 59 (01) : 311 - 337
  • [13] Corporate cash holdings: An empirical investigation of UK companies
    Ozkan, A
    Ozkan, N
    [J]. JOURNAL OF BANKING & FINANCE, 2004, 28 (09) : 2103 - 2134
  • [14] Value of Excess Cash Holdings of Financially Unconstrained Companies
    Hendrawaty, Ernie
    [J]. CONTEMPORARY ECONOMICS, 2019, 13 (03) : 293 - 303
  • [15] CASH HOLDINGS OF CONSUMER GOODS COMPANIES: APPLYING GMM
    Thu-Trang Thi Doan
    [J]. ADVANCES AND APPLICATIONS IN STATISTICS, 2020, 62 (02) : 173 - 184
  • [16] Corporate Cash Holdings: An Empirical Investigation of Indian Companies
    Arora, Ravinder Kumar
    [J]. GLOBAL BUSINESS REVIEW, 2019, 20 (04) : 1088 - 1106
  • [17] Risk Disclosure and Corporate Cash Holdings
    Haj-Salem, Issal
    Hussainey, Khaled
    [J]. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2021, 14 (07)
  • [18] Corporate reputation risk and cash holdings
    Hasan, Mostafa Monzur
    Habib, Ahsan
    Zhao, Ruoyun
    [J]. ACCOUNTING AND FINANCE, 2022, 62 (01): : 667 - 707
  • [19] Corporate cash holdings and industry risk
    Lee, Jinsook
    [J]. JOURNAL OF FINANCIAL RESEARCH, 2024, 47 (02) : 435 - 470
  • [20] Cash holdings, risk, and expected returns
    Palazzo, Berardino
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2012, 104 (01) : 162 - 185
12345