关键词: 合理现金持有量, 现金日记账, 现金余额, 案例分析

Abstract: Enterprise cash holding management is a systematic project in which managers comprehensively consider the safety, liquidity and profitability of cash, and determine the cash holdings at any time as a whole. This paper first creatively proposes to employ the company's cash journal to calculate the sample value of reasonable cash holdings by setting the minimum opening value of the cash balance that ensures no negative value each day during the calculation period. Taking G Group as an example, the financial data and cash journal data of the company from 2013 to 2018 are selected to empirically study the relationship between the company's scale, total assets profit rate, fixed assets and asset-liability ratio asset yield, the return on net assets, the bank's liabilities, the agency status and the management relationship with the company's cash holdings. We set linear model with those variables and estimate model parameters by using the methods of ordinary least squares, from which the model parameters and the regression line itself can be estimated. The results reveal that the current group's total asset profit rate ROA_t has a significant inverse correlation with the current cash holdings. In addition, the previous total asset profit rate ROA_t-1,the ratio of management fees and operating income W_t, the ration of operating cash net flow and total assets Z_t of last period affect current cash holdings negatively and significantly. Finally, the methodology proposed in this paper can be tapped as a basic tool for financial managers to make scientific judgments, and provide scientific and reasonable evaluation criteria for risk control and performance evaluation for enterprise cash flow management.

Key words: reasonable cash holdings, cash journal, cash balance, case study