将企业实际持有的现金水平与正常水平的差额定义为现金持有偏离度,通过理论分析及实证回归构建样本企业正常现金持有水平的计算模型,并通过实证方法分析现金持有偏离对企业业绩的影响。研究结果表明,现金持有正向偏离和负向偏离都会对企业业绩产生负面影响,且现金持有发生负向偏离时对企业业绩产生的负面影响更大。 The difference between cash level and normal level actually held by the enterprise is defined as the deviation degree of cash holding, and the theoretical model and empirical regression are used to build the calculation model of the normal cash holding level of the sample companies. The empirical analysis of the deviation of cash holding from the firm The impact of performance. The results show that both the positive and negative deviation of cash holdings will have a negative impact on business performance, and the negative impact on the business performance will be greater when the negative cash holding occurs.