Research on Relationship between Cash Holdings and Performance of Manufacturing Enterprises

This paper empirically studies the impact of cash holdings of state-owned or non-state-owned manufacturing enterprises on enterprise performance, with data of manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2012 to 2018. It is found that the cash holdings can promote the enterprise performance to a certain extent in case of most manufacturing enterprises; Further, such promotion effect is more obvious for the non-state-owned manufacturing enterprises. The research results can be good reference of new ideas and research directions for the research of the cash holdings on the performance of manufacturing enterprises.