Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)

Monetary Policy, Debt Maturity and Cash Holdings

Authors
Hujie
Corresponding Author
Hujie
Available Online 20 December 2019.
DOI
10.2991/aebmr.k.191217.164How to use a DOI?
Keywords
debt maturity structure, cash holding, monetary policy
Abstract

This paper combines debt maturity, monetary policy and cash holdings into the same analytical framework. Taking 835 A-share non-financial listed companies in Shenzhen and Shanghai as samples, we empirically analyzed through the simultaneous equation model and found that: company cash holding’s possibility and debt period are determined endogenously. The shorter the company’s debt maturity, the higher the refinancing risk, the more cash holdings; when the monetary policy is tightened, the listed company will increase cash holdings with caution. In the period of tight monetary policy, the cash holdings of listed companies with short debt maturities and high refinancing risks have increased more. Finally, further research in this paper shows that compared with state-owned enterprises, the cash holdings of non-state-owned enterprises are more affected by the debt maturity structure and monetary policy.

Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)
Series
Advances in Economics, Business and Management Research
Publication Date
20 December 2019
ISBN
10.2991/aebmr.k.191217.164
ISSN
2352-5428
DOI
10.2991/aebmr.k.191217.164How to use a DOI?
Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Hujie
PY  - 2019
DA  - 2019/12/20
TI  - Monetary Policy, Debt Maturity and Cash Holdings
BT  - Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)
PB  - Atlantis Press
SP  - 955
EP  - 962
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.191217.164
DO  - 10.2991/aebmr.k.191217.164
ID  - 2019
ER  -