Taking the financial data of A-share enterprises listed on Shanghai and Shenzhen Stock Exchanges from 2013 to 2021 as samples,the fixed-effect model was used to influence of marketization process on cash holding value of enterprises through financing constraints and its channel mechanism.The results show that the marketization process has a significant negative effect on cash holding value,and financing constraints play an intermediary role between the two.Heterogeneity analysis shows that the effect is more obvious when investor protection is low,information asymmetry is high and enterprise growth is high.Further research shows that the level of cash holding is also conducive to alleviating business risks and promoting business performance.The channel mechanism shows that,holding a large amount of cash can play a preventive function,and can improve the cash holding value when the marketization process is low;enterprises should formulate more flexible cash holding policies to cope with the changing external market environment;finan-cing constraint,an important intermediary variable,cannot be ignored in the formulation of cash holding policy.
维普
万方数据