We examine the impact of sales order backlog (an important leading performance indicator) on corporate cash holdings and the role of corporate governance in the relation between sales order backlog and cash holdings.,We use the regression analysis to examine our research questions.,Consistent with the agency motive and the precautionary motive of cash holdings, we document a significant negative relation between order backlog and cash, suggesting that firms with higher order backlog hold less cash. We further examine and find that the relationship between order backlog and cash becomes stronger for firms with stronger corporate governance, highlighting the role of governance in determining the level of corporate cash holdings.,Our study contributes to the accounting literature on sales order backlog and the finance literature on corporate cash holdings. In particular, our study contributes to developing a more comprehensive understanding of the sales order backlog because it is still an under-researched area in accounting. To the best of our knowledge, this study is perhaps the first empirical study that examines the direct link between order backlog and cash.

中文翻译：

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销售订单积压和公司现金持有量

我们研究了销售订单积压（重要的领先绩效指标）对公司现金持有量的影响以及公司治理在销售订单积压与现金持有量之间的关系中的作用。我们使用回归分析来检验我们的研究问题。由于代理动机和现金储备的预防动机，我们记录了订单积压与现金之间的显着负相关关系，这表明订单积压较高的公司所持有的现金较少。我们进一步研究发现，对于拥有更强公司治理的公司而言，订单积压与现金之间的关系变得更强，这突显了治理在确定公司现金持有量方面的作用。我们的研究为有关销售订单积压的会计文献和有关公司现金持有量的财务文献做出了贡献。尤其是，我们的研究有助于发展对销售订单积压的更全面的了解，因为它仍然是会计界研究不足的领域。据我们所知，该研究可能是第一个检验订单积压与现金之间直接关系的实证研究。