The decision to hold cash in the company is now quite a lot of interest in the study of foreign finance. For example, Kim et al (1998) analyzed the factors influencing the decision to hold cash for US companies. They found that enterprises are facing external financing costs high, stable income and return on total assets is relatively low, it tends to hold more assets with high liquidity. Similarly, Opler et al (1999) also provide evidence that small businesses or businesses with strong growth opportunities and strong cash flow volatility often hold large amounts of cash. More recent studies of the Pinkowitz and Williamson (2001) for cash consideration of companies from the US, Germany and Japan. Besides the similar results Opler (1999), they found the business relationship with the bank has a significant impact on the cash balance.
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