The evidences also show that cash flow variability, cash substitutes, financial leverage, and corporate age have significantly negative relation with corporate cash holdings.
现金流变异性、现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关；
2
The evidences also show that cash substitutes, financial leverage, and corporate age have significantly negative relation with the corporate cash holdings.
现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关；
3
We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio, while pay-out ratio of dividends may have negative impact on leverage ratio.