An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

Table 4

Descriptive statistics of major variables.

Variable	Mean	Median	Min.	Max.	Std.
𝑟𝑖,𝑡−𝑅^𝐵𝑖,𝑡	0.1426	0.0066	−1.7996	7.2598	0.6992
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.0682	0.0174	−10.261	80.339	1.5376
Δ𝐸𝑖,𝑡/𝑀𝑖,𝑡−1	0.0630	0.0119	−4.4618	80.165	1.5281
ΔNA𝑖,𝑡/𝑀𝑖,𝑡−1	0.4402	0.1099	−8.6546	613.83	11.439
Δ𝐼𝑖,𝑡/𝑀𝑖,𝑡−1	0.0045	0.0006	−0.6003	4.0695	0.0883
Δ𝐷𝑖,𝑡/𝑀𝑖,𝑡−1	1.31𝐸−11	0.0000	−7.55𝐸−10	3.70𝐸−08	6.89𝐸−10
𝐶𝑖,𝑡−1/𝑀𝑖,𝑡−1	0.3105	0.2572	−14.544	4.6753	0.4100
𝐿𝑖,𝑡	0.5017	0.4997	0.0071	7.1440	0.2905
NF𝑖,𝑡/𝑀𝑖,𝑡−1	−0.0347	−0.0207	−107.39	15.639	2.0522
𝐶𝑖,𝑡−1/𝑀𝑖,𝑡−1×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.0110	0.0019	−121.21	90.433	2.8233
𝐿𝑖,𝑡×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.0442	0.0059	−6.5944	53.080	1.0288
ASY𝑖,𝑡	−0.0004	0.0250	−4.5196	5.0002	1.1080
ASY𝑖,𝑡×Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1	0.0410	−0.0005	−7.3845	130.01	2.4178
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1×High𝑖,𝑡	2.2131	0.0000	0.0000	6454.4	119.06
Δ𝐶𝑖,𝑡/𝑀𝑖,𝑡−1×Low𝑖,𝑡	0.0065	0.0000	0.0000	1.1438	0.0442

Note: statistics in the table are of relevant variables, including the mean, median, minimum, maximum, and standard deviation.