| Dedication | 第6-7页 |
| Acknowledgement | 第7-8页 |
| 摘要 | 第8-10页 |
| Abstract | 第10-14页 |
| Chapter One Introduction and the Research Study Background | 第25-45页 |
| 1.1: The Research Study Background | 第25-27页 |
| 1.2: Research Gap and Study Settings | 第27-33页 |
| 1.3: Significance of Research | 第33-36页 |
| 1.4: Research Problem | 第36-38页 |
| 1.5: The Purpose of Research Study | 第38-40页 |
| 1.6: Research Questions of the Study | 第40-41页 |
| 1.7: Objectives of the Research Study | 第41-42页 |
| 1.8: Research Study Assumptions | 第42-43页 |
| 1.9: Research Study Justifications | 第43页 |
| 1.10: The Research Study Scope | 第43-44页 |
| 1.11: Summary of Chapters | 第44-45页 |
| Chapter Two Related Literature Review | 第45-70页 |
| 2.1: Introduction of Chapter | 第45页 |
| 2.2: Review of Related Literature on Corporate Management of Working Capital and Performance | 第45-58页 |
| 2.3: Review of Related Literature on Corporate Holdings of Cash and Performance | 第58-70页 |
| Chapter Three Theoretical Framework, Development of Hypotheses, and Conceptual Framework | 第70-108页 |
| 3.1: Theoretical Framework | 第70-83页 |
| 3.1.1: Theories Related to Working Capital Management | 第70-74页 |
| 3.1.1.1: The Cash Conversion Cycle (CCC) Theory | 第71-72页 |
| 3.1.1.2: Informational Asymmetries and Agency Costs Theories | 第72-73页 |
| 3.1.1.3: Trade-Off Theory of Corporate Management of Working Capital | 第73-74页 |
| 3.1.2: Theories Related To Cash Holding | 第74-79页 |
| 3.1.2.1: Demand of Money Theory | 第74-75页 |
| 3.1.2.2: The Transaction Motive | 第75页 |
| 3.1.2.3: The Precautionary Motive | 第75-76页 |
| 3.1.2.4: Trade-off theory of corporate holding of cash | 第76-77页 |
| 3.1.2.5: Pecking order theory | 第77-78页 |
| 3.1.2.6: Agency theory and theory of free cash flow | 第78-79页 |
| 3.1.3: Theories Related to Management of Working capital, Cash Holding, and Macroeconomic Dynamics | 第79-83页 |
| 3.1.3.1: Theories of Management of Working capital and Macroeconomic Dynamics | 第80-81页 |
| 3.1.3.2: Theories of Cash Holding and Macroeconomic Dynamics | 第81-83页 |
| 3.2: Development of Hypotheses | 第83-90页 |
| 3.2.1: Management of Working Capital and Corporate Performance | 第83-84页 |
| 3.2.2: Cash Holding and Corporate Performance | 第84-86页 |
| 3.2.3: Effect of Financial Constraints on the Relationship of Working Capital and Corporate Performance | 第86-88页 |
| 3.2.4: Effect of Financial Constraints on the Relationship of Holding of Cash Balances and Corporate performance | 第88-90页 |
| 3.3: The Dimensions of Financial Constraints | 第90-93页 |
| 3.3.1: Category | 第90-91页 |
| 3.3.2: Category | 第91页 |
| 3.3.3: Category | 第91页 |
| 3.3.4: Category | 第91-92页 |
| 3.3.5: Category | 第92页 |
| 3.3.6: Category | 第92-93页 |
| 3.3.7: Category | 第93页 |
| 3.4: The Effect of Macroeconomic Innovations | 第93-98页 |
| 3.4.1: Working Capital, Corporate performance and Macroeconomic Dynamics | 第93-96页 |
| 3.4.2: Cash holing, Corporate Performance and Macroeconomic Dynamics | 第96-98页 |
| 3.5: Conceptual Framework of the Study | 第98-108页 |
| 3.5.1: Conceptual framework for management of working capital, holding of cash and corporate performance with linkage of financial constraints | 第98-102页 |
| 3.5.2: Conceptual framework for macroeconomic dynamics for management of working capital, holding of cash, and corporate performance for financially constrained and unconstrained firms | 第102-108页 |
| 3.5.2.1: The conceptual framework (B1) and (B2): Cross-sectional regression models | 第103-104页 |
| 3.5.2.2: The conceptual framework (B3) and (B4): Time series regression models | 第104-108页 |
| Chapter Four Methodology of the Research | 第108-123页 |
| 4.1: Introduction | 第108页 |
| 4.2: Research Study Design | 第108-109页 |
| 4.3: Models of the Research | 第109-115页 |
| 4.3.1: Model of Management of Working Capital and Corporate Performance | 第109-110页 |
| 4.3.2: Model of Effect of Financial Constraints on Management of Working Capital and Corporate Performance Relationship | 第110-111页 |
| 4.3.3: Model of Cash Holding and Corporate performance | 第111-112页 |
| 4.3.4: The Effect of Deviation from Optimal Cash Holding Level | 第112-114页 |
| 4.3.5: Model of Influence of firm Financial Constraints on Holdings of Cash and Corporate Performance Relationship | 第114-115页 |
| 4.4: Models for the Effect of Macroeconomic Dynamics | 第115-117页 |
| 4.4.1: Working Capital Investment, Cash Holdings and Corporate Performance | 第115-117页 |
| 4.5: Procedure of the Study | 第117-118页 |
| 4.6: Population and Sample | 第118页 |
| 4.7: Variables of the Study | 第118-122页 |
| 4.7.1: Dependent Variables | 第118-119页 |
| 4.7.1.1: Tobin's-Q | 第118-119页 |
| 4.7.1.2: Return-on-assets | 第119页 |
| 4.7.2: Independent Variables | 第119-120页 |
| 4.7.2.1: Net-trade-cycle | 第119-120页 |
| 4.7.2.2: Cash Holding | 第120页 |
| 4.7.3: Financial Constraints Variables | 第120-121页 |
| 4.7.4: Control Variables | 第121页 |
| 4.7.5: Macroeconomic Variables | 第121-122页 |
| 4.8: Plan of Analysis | 第122-123页 |
| Chapter Five Empirical Analysis | 第123-175页 |
| Study One | 第123-145页 |
| 5.1: Management of Working Capital and Corporate Performance | 第123-145页 |
| 5.1.1: Descriptive Statistics of the Variables | 第123-124页 |
| 5.1.2: Correlation Coefficient Matrix Analysis | 第124-125页 |
| 5.2.3: The Analysis of Two Sample T-Test to Compare Groups for Working Capital Management | 第125-127页 |
| 5.2.3.1: Group Comparison Based on Financial Constraints | 第125-126页 |
| 5.2.3.2: Comparison of Working Capital Investment Level across Industries | 第126-127页 |
| 5.1.3: The Effect of Investment in Working Capital on Firm Performance | 第127-130页 |
| 5.1.4: Robustness Check Using Quantile Estimator | 第130-131页 |
| 5.1.5: The Management of Working Capital, Financial Distress, and Firms and Performance | 第131-135页 |
| 5.1.6: The Management of Working capital, Access to Capital Markets of Financially Constrained Firms, and Corporate Performance | 第135-141页 |
| 5.1.7: Additional Analysis of Financial Constraints: Kaplan and Zingales Index and Cash Flow | 第141-145页 |
| Study Two | 第145-162页 |
| 5.2: Cash Holdings and Corporate Performance | 第145-162页 |
| 5.2.1: Descriptive Statistics of the Variables | 第145-146页 |
| 5.2.2: Correlation Matrix and Variance Inflation Factor for the Cash Holdings and Corporate performance Relationship | 第146-148页 |
| 5.2.3: The Analysis of Two Sample T-Test to Compare Groups for Cash Holding | 第148-152页 |
| 5.2.3.1: Group Comparison Based On Financial Constraints of (Size) and Interest Coverage Ratio of Firms (ICR) | 第148-150页 |
| 5.2.3.2: Comparison of Cash holding level between Industries | 第150-152页 |
| 5.2.4: The Effect Cash Holdings on Firm Performance | 第152-154页 |
| 5.2.5: Effect of Deviation from Optimal Level of Cash Holdings and Corporate Performance | 第154-155页 |
| 5.2.6: Firms Deviation from Optimal Cash Holding Level and Corporate Performance | 第155-157页 |
| 5.2.7: Holding of Cash Balances, Financial Constraints, and Corporate Performance | 第157-162页 |
| Study Three | 第162-175页 |
| 5.3: Cash Holding, Working Capital Management, Corporate Performance, and Macroeconomic Innovations | 第162-175页 |
| 5.3.1: Effect of macroeconomic dynamics on corporate performance to management of working capital sensitivity for financially constrained firms | 第162-164页 |
| 5.3.2: Effect of macroeconomic dynamics on corporate performance to investment in working capital sensitivity for financially unconstrained firms | 第164-166页 |
| 5.3.3: Difference in financially constrained and unconstrained firms across different groups for macroeconomic dynamics effects on performance to investment in working capital sensitivity | 第166-168页 |
| 5.3.4: Effect of macroeconomic dynamics on corporate performance to cash holding sensitivity for financially constrained firms | 第168-170页 |
| 5.3.5: Effect of macroeconomic dynamics on corporate performance to cash holding sensitivity for financially unconstrained firms | 第170-172页 |
| 5.3.6: Difference in financially constrained and unconstrained firms across different groups for macroeconomic dynamics effects on performance to cash holding sensitivity | 第172-175页 |
| Chapter Six Discussions and Findings | 第175-207页 |
| 6.1: Introduction | 第175-195页 |
| 6.2: Discussions of the Study | 第195-203页 |
| 6.3: Summary of Findings | 第203-207页 |
| Chapter Seven Implications and Conclusions | 第207-215页 |
| 7.1: Contributions and Implications of the Study | 第207-210页 |
| 7.2: Study Limitations and Directions for Future Research | 第210-211页 |
| 7.3: Conclusions | 第211-215页 |
| References | 第215-232页 |
| Appendix | 第232-253页 |
| Appendix (A): Summary of Industries | 第232-233页 |
| Appendix (B): Calculation of residuals for cash holding deviation estimation | 第233-234页 |
| Appendix (C): Main Variables of the Study | 第234-236页 |
| Appendix (D): Financial Constraints Variables | 第236-237页 |
| Appendix (E): Financial distress estimation results | 第237-239页 |
| Appendix (F): Capital market access estimation results | 第239-242页 |
| Appendix (G): Estimation results of additional analysis of financial constraints | 第242-244页 |
| Appendix (H): Estimation of Effect of Financial constraints on cash holding and corporate performance relationship | 第244-246页 |
| Appendix (I): Conceptual Models of the Study | 第246-251页 |
| Appendix (J): Summary of Hypotheses | 第251-253页 |
| Personal Resume | 第253-254页 |
