Abstract
The cash level of 300 Constituent companies in 2019 is about 13.73%, while that of the liquor industry in the same period is 34.27%. From the perspective of agency theory, this paper studies the phenomenon of excess cash holding in liquor industry, selects Jiuguijiu liquor as a case of the study, analyzes the phenomenon of excess cash holding in alcoholic liquor issuance, and puts forward corresponding reasonable Suggestions.
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