现金持有动机与公司投资行为分析

近年来，国外和中国的公司普遍出现大量持有现金的现象，在不同的现金持有动机下，现金持有对公司投资行为的影响是不一样的。现有关于现金持有动机及其对投资行为的影响研究结论不一。在中国特殊的制度背景下，未来研究的重点是：将现金持有动机、公司投资行为和公司治理诸因素结合研究，探寻改善经理人行为的有效措施，促使经理人和股东利益趋于一致。

The Analysis of Cash Holdings Motivation and Corporate Investment Behavior

In recent years,foreign companies and many companies in China generally appeared the phenomenon that they held a large number of cash.In the different cash holdings motivation,the effect on the investment behaviors of the company are different.Existing research conclusions on the motive of the cash holdings and the relative investment behavior are different.Under the special background of our country,the focuses of future research are including researching combined the cash holdings motivation,the company investment behavior and corporate governance factors,exploring effective measures to improving manager's behavior and urging the interests of managers and shareholders to be consistent.