An empirical analysis of influence factors of corporate cash holdings——Empirical evidence from Chinese listed companies of pharmaceutical manufacturing industry

The data of 264 samples of listed companies in Chinese pharmaceutical manufacturing industry from 2007 to 2010 are analyzed,the influence factors of corporate cash holdings are empirically tested from the three perspectives of company′s financial characteristics,internal governance and external governance environment.The dividend payments and market-oriented of financial sectors are significantly positively correlated with corporate cash holdings,while cash alternatives,financial leverage,bank debt ratio,proportion of managerial ownership and the legal environment are significantly negatively correlated with corporate cash holdings.