【Key words】 financing constraints； cash holdings； cash flow volatility； cash flow；
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volatility of cash flow 现金流量波动
Theoretically and empirically analysis the effect of cash flow volatility to listed companies’cash holdings under the liquidity preference.
3、流动性偏好下,现金流波动性对上市公司现金持有量影响的理论分析和实证检验。
参考来源 - 我国上市公司现金流风险管理行为及理论研究·2,447,543篇论文数据，部分数据来源于NoteExpress
The expected cash flow volatility was measured by financial leverage, asset size.
预期现金流量波动性用财务杠杆、资产规模来度量。
The empirical study finds that the cash flow volatility is significantly negatively related to firm value but earning volatility has no fixed relationship with it.
实证检验发现我国上市公司的现金流波动性与企业价值负相关，而盈余波动性与企业价值无固定关系。
On the other hand, firms should focus more on maintaining low cash flow volatility by financial derivatives to produce smoothing earnings and finally enhance the firm value.
此外，上市公司也应当更加注重运用金融衍生品来降低现金流波动率达到平稳盈利的目标，并最终提高公司的市场价值。
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