Research on the Impact of Management’s Shareholding on Cash Holding Behavior of Manufacturing Companies

Taking manufacturing companies of listed from 2015 to 2019 as samples, a fixed effect model is constructed explore the mechanism management’s shareholding and corporate cash holding behavior. The results show that significantly improves value reduces level. Financing constraint negatively moderates influence From perspective life cycle, it found that: for growing, mature, recession companies, management on level shows strong trend first then weak trend.