The purpose of this paper is to investigate the increasing demand for corporate liquidity and examines the various factors influencing the cash position of firms in India. The financial policy to hold cash gained impetus after the financial crisis when the companies faced a severe cash crunch. However, the firms operating in emerging nations have an imperfect market mechanism with stringent regulatory norms. Thus, this paper attempts to examine the determinants of corporate cash holdings in an emerging country like India.,The paper focuses on the impact of various factors (leverage, firm size, profitability, growth along with other variables), on the cash structure of all the manufacturing companies listed on the Bombay stock exchange. The study employs panel data methodologies over a sample of 323 firms over a period of eight years from 2010 to 2017.,Significant estimators affecting cash holdings of a firm are the size of a firm, debt levels, tangibility, sales growth and research and development expense. Overall, the study finds evidence on the existence of Pecking Order theory in explaining the determinants of cash holdings in the Indian market.,The study attempts to explore the critical determinants of cash in the Indian context which can be useful for managers and academicians to understand how the key theories of cash holdings operate in an emerging economy like India.,India is an emerging economy and has recently gained global attention and has become a hotspot for foreign investments. Thus, this paper explores pieces of evidence on the critical factors affecting cash holdings in India. The study would provide an understanding of the existing cash policy in the Indian context and attempts to find the changes in the financing structure adopted by the manufacturing industry in the given period.

中文翻译：

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影响印度制造公司流动资金状况的因素

本文的目的是调查对公司流动性的需求不断增长，并研究影响印度公司现金状况的各种因素。金融危机之后，当公司面临严重的现金紧缩时，持有现金的财务政策得到了推动。但是，在新兴国家经营的公司的市场机制并不完善，监管规范也很严格。因此，本文试图研究像印度这样的新兴国家的公司现金持有量的决定因素。本文着重研究各种因素（杠杆，公司规模，盈利能力，增长以及其他变量）对公司现金结构的影响。所有在孟买证券交易所上市的制造公司。该研究在2010年至2017年的八年期间采用面板数据方法对323家公司进行了抽样。影响公司现金持有量的重要估计因素是公司的规模，债务水平，有形性，销售增长和研发费用。总体而言，该研究发现了啄位顺序理论在解释印度市场现金持有量决定因素方面的证据。该研究试图探索印度语境下现金的关键决定因素，这对于管理者和院士们来说是有用的。现金持有的主要理论如何在像印度这样的新兴经济体中运作。印度是一个新兴经济体，最近已受到全球关注，并已成为外国投资的热点。因此，本文探讨了影响印度现金持有量的关键因素的证据。该研究将提供对印度背景下现有现金政策的理解，并试图找到给定时期制造业采用的融资结构的变化。