Cash holding trends in Japanese firms and precautionary motive
Cash holding trends in Japanese firms and precautionary motive
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DOI：
10.1109/apwccse.2015.7476216
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发表时间：
2015-12
期刊：
影响因子：
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通讯作者：
Hironori Kawase;S. Otomasa;T. Iwasaki
中科院分区：
文献类型：
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作者：
Hironori Kawase;S. Otomasa;T. Iwasaki
本文研究了从企业被强制要求发布合并财务报表以来现金持有率的趋势，发现该比率每年都在增加。我们还调查了这种增长趋势是否因公司规模而异，并表明随着公司规模变小，持有现金的趋势也会增强。此外，在考虑企业现金持有量的决定因素时，预防性动机被视为首要原因。特别是那些高增长、业务不确定性高的公司以及减少股息支付的公司试图持有一定数量的现金，为未来事件做好准备，降低资金不足的风险。然而，很明显，增加现金持有量的动机强度因公司规模而异。
This paper examines the trend in cash holdings ratios starting from the time firms have been mandatorily required to release consolidated financial statements and finds that the ratio is increasing every year. We also investigate whether this increasing trend varies by firm size and show that the tendency to hold cash strengthens as firm size becomes smaller. Moreover, when considering the determinants of firms' cash holding, precautionary motive is seen as the prime reason. In particular, firms with high growth, those operating in high business uncertainty, and those reducing dividends payouts attempt to hold a certain amount of cash to be prepared for future events and reduce the risk of insufficient funds. However, it is clear that the strength of this motivation to increase cash holdings varies with the firm size.