Accounting Conservatism and the Value Effect of Cash Holdings——Empirical Evidence since the new Chinese Accounting Standards

近年来，国内外越来越多的学者开始关注与探索公司现金持有（CashHoldings）问题。关于现金的定义，学者们在研究时基本达成了一致意见：公司持有的现金一般指公司货币资金、银行存款和短期投资的总和。关于现金持有问题的研究主要包括两个方面：一是公司现金持有的影响因素，二是公司现金持有的市场反应，国内外学者关于现金持有影响因素的研究成果较多，而关于现金持有市场反应的研究成果较少。Jensen（1986）基于代理理论提出自由现金流量假说，认为管理层与股东之间存在不可避免的代理问题，管理层持有现金更多是一种自利行为，因此公司持有现金的市场价值低于其账面价值，存在一定的折价效应。在新会计准则实施后，我国...In recent years, more and more researchers are coming to focus on the problem of cash holdings. Among their studies, they have reached agreement on the scope of cash they used for study. Cash holdings generally refer to the total of money funds, bank deposits and short investments held by corporation. Study on cash holdings includes two aspects, one is effect factors of cash holdings and the other...学位：管理学硕士院系专业：管理学院_会计学学号：1752011115114