Research on the Influence Mechanism of Excess Cash Holding on Enterprise Value Based on Big Data Analysis

Based on big data analysis, this paper takes the empirical data of listed companies in China from 2019 to 2021 as samples, and draws lessons from the idea of classical enterprise value regression model to study the influence mechanism of excess cash holdings on enterprise value of listed companies in China and the influence of company growth on the relationship between them. The results show that the company size and leverage are negatively correlated with the cash holding level, which is significant at the level of 0.1, while the relationship between investment opportunities and dividend indicators and cash holding level and cash holding level is not significant. The level of excess cash holdings of listed companies in China is negatively correlated with company value. The influence of excess cash on enterprise value is nonlinear, showing obvious stage characteristics. For enterprises with negative growth and high growth, the excess cash held by them has not yet reached the level that hinders the promotion of enterprise value, and the cash value can be fully explored.