The determinants and implications of corporate cash holdings
The determinants and implications of corporate cash holdings
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DOI：
10.1016/s0304-405x(99)00003-3
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发表时间：
1999-04-01
影响因子：
8.9
通讯作者：
Williamson, R
中科院分区：
文献类型：
--
作者：
Opler, T;Pinkowitz, L;Williamson, R
我们研究了1971-1994年期间美国上市公司持有现金和有价证券的决定因素和影响。在时间序列和横截面检验中，我们发现证据支持现金持有量的静态权衡模型。特别是，具有强劲增长机会和风险较高的现金流的公司持有相对较高的现金与非现金资产总额的比率。最容易进入资本市场的公司，如大型公司和信用评级高的公司，往往持有较低的现金与非现金资产总额的比率。然而，与此同时，我们发现有证据表明，表现良好的公司往往会积累更多的现金比静态权衡模型预测的经理人最大化股东财富。几乎没有证据表明，过多的现金对资本支出、收购支出和股东分红有很大的短期影响。企业经历超额现金大幅变动的主要原因是经营亏损的发生。(C)1999年Elsevier Science S.A. All rights reserved.
We examine the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms in the 1971-1994 period. In time-series and cross-section tests, we find evidence supportive of a static tradeoff model of cash holdings. In particular, firms with strong growth opportunities and riskier cash flows hold relatively high ratios of cash to total non-cash assets. Firms that have the greatest access to the capital markets, such as large firms and those with high credit ratings, tend to hold lower ratios of cash to total non-cash assets. At the same time, however, we find evidence that firms that do well tend to accumulate more cash than predicted by the static tradeoff model where managers maximize shareholder wealth. There is little evidence that excess cash has a large short-run impact on capital expenditures, acquisition spending, and payouts to shareholders. The main reason that firms experience large changes in excess cash is the occurrence of operating losses. (C) 1999 Elsevier Science S.A. All rights reserved.