Cash Holdings and Access to External Finance: Evidence from the Bank Loan Market
Cash Holdings and Access to External Finance: Evidence from the Bank Loan Market
复制标题
现金持有量和外部融资渠道：来自银行贷款市场的证据
DOI：
--
复制
发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Lukáš Roth
中科院分区：
文献类型：
--
作者：
M. Huson;Lukáš Roth
利用美国公司获得的大量银行贷款样本，我们研究了现金持有量与通过银行贷款获得外部融资之间的关系。我们记录了现金持有量与贷款息差之间的负相关关系。这种负相关关系在与契约违反相关的准外生贷款发行的子样本中得到证实，并且在高风险和财务受限的公司中更为强烈。我们还发现，对总信贷供应的限制对高现金企业的资金成本的影响较小，对高现金企业的贷款具有较少的限制性契约。在其他条件相同的情况下，高现金公司在财务上受到的约束较少，这不仅是因为它们有现金可提取，还因为现金有助于从银行获得外部资本。
Using a large sample of bank loans obtained by U.S. firms, we examine the relation between cash holdings and access to external finance via bank loans. We document a negative relation between cash holdings and loan spreads. This negative relation is confirmed in a sub-sample of quasi-exogenous loan issuances associated with covenant violations and is stronger for higher risk and financially constrained firms. We also find that restrictions to aggregate credit supply have a smaller impact on the cost of funds at high-cash firms, and loans to high-cash firms have fewer restrictive covenants. All else equal, high-cash firms are less financially constrained not only because they have cash to draw down, but also because cash facilitates accessing external capital from banks.