现金持有成本

关于最佳现金持有量成本曲线模型分析

A Study on The Cost Curve Analysis Model of Optimal Money Holding

二是由经理人、控股股东‘自利动机’引起的现金持有代理成本。所以，公司的实际现金持有决策是大股东、中小股东、经理人等利益相关者利益较量的结果。

Including : the lower rate of ruturn of cash holdings and agency cost of managerial or majority shareholders ' self-interest . So , corporate cash holdings are influenced by the tradeoff among the corporate stakeholders .

上市公司应持有多大规模的现金，才能使得现金持有成本和丧失投资机会的成本之和最低，这是企业管理层必须考虑的一个问题。

That enterprises should hold how much cash to make the total cash cost of holding and loss of investment opportunities to be lowest must be considered as a problem by the enterprise management .

同时，持有现金也存在两大缺陷：一是持有现金的低收益；二是由经理人、控股股东‘自利动机’引起的现金持有代理成本。

At the same time , however , there are two main disadvantages of cash holdings . Including : the lower rate of ruturn of cash holdings and agency cost of managerial or majority shareholders ' self-interest .