ASU Electronic Theses and Dissertations
This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
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- All Subjects: Business Administration
- Creators: Ju, Nengjiu
以货币市场基金为代表的公募基金具有许多特色及优势,其各项交易及持有成本较低,由基金管理公司中专业的基金经理进行投资组合,有利于分散投资,降低风险。同时,货币市场基金等固定收益类的开放式公募基金产品流动性佳,风险较低,交易方便,收益可观。此外,企业投资公募基金产品的收益全额免征企业所得税。所以企业在现金管理中选择货币市场基金等固定收益类的开放式公募基金,既可以进行资产的保值增值,还可以进行合理税收筹划,是众多企业进行现金管理的良好方案之一。本文就将试图研究中国市场中的货币市场基金等公募基金产品在上市企业现金管理选择中的发展演变。
本文以货币市场基金等公募基金产品和中国A股上市公司为主体,分析相关基金产品在中国上市公司现金管理中是如何发展演变的,具有理论创新意义和实际意义。本研究可以为上市公司的现金管理行为决策提供一定帮助,也可以为基金产品的管理人及代销机构提供不同的路径选择参考,获得差异市场竞争优势,提升公司和行业价值
关键词: 公募基金、货币市场基金、企业理财、上市公司、现金管理
The findings show that: a)Volatility. Margin trading can effectively curtail the medium- and short-term volatility of the share price under any market condition but has no prominent influence on long-term volatility. b)Profitability. Margin trading enhances profitability in the bull market with an apparent leverage effect while having no significant effects on short-term profitability in the balanced market and the bear market. c) Individual shares with different attributes. The influences of margin trading on the large-cap and small-cap shares, shares with high vs. low PE ratio, shares included in the main board and SMEs stocks vary in different types of market. d) Liquidity. The influences of margin trading on the fluidity of market are significantly different in the bull, bear, and balanced markets.
Finally, I set up a new trading strategy based on the above conclusions. The result from hypothetical trading demonstrates that the newly-created trading strategy works better than the long-term holding strategy, highlighting the practical implications of this thesis in addition to its implications for research