The cash flow sensitivity of cash
The cash flow sensitivity of cash
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DOI：
10.1111/j.1540-6261.2004.00679.x
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发表时间：
2004-08-01
影响因子：
8
通讯作者：
Weisbach, MS
中科院分区：
文献类型：
--
作者：
Almeida, H;Campello, M;Weisbach, MS
我们模拟了一个公司的流动性需求，以开发一个新的测试的影响，财务约束对公司政策。财务约束的影响体现在企业从现金流中节省现金的倾向（现金的现金流敏感性）。我们假设，受约束的公司应该有一个积极的现金流量敏感性的现金，而不受约束的公司的现金储蓄不应该系统地与现金流量。我们实证估计的现金流敏感性的现金使用大样本的制造业企业在1971年至2000年期间，并找到强有力的支持我们的理论。
We model a firm's demand for liquidity to develop a new test of the effect of financial constraints on corporate policies. The effect of financial constraints is captured by the firm's propensity to save cash out of cash flows (the cash flow sensitivity of cash). We hypothesize that constrained firms should have a positive cash flow sensitivity of cash, while unconstrained firms' cash savings should not be systematically related to cash flows. We empirically estimate the cash flow sensitivity of cash using a large sample of manufacturing firms over the 1971 to 2000 period and find robust support for our theory.