Why Do Firms Hold Cash? Evidence from Demographic Demand Shifts
Why Do Firms Hold Cash? Evidence from Demographic Demand Shifts
复制标题
DOI：
10.1093/rfs/hhz124
复制
发表时间：
2020-09-01
影响因子：
8.2
通讯作者：
Pollet, Joshua
中科院分区：
文献类型：
--
作者：
Cunha, Igor;Pollet, Joshua
我们利用人口结构引起的需求变化，为现金持有的预防性动机提供因果证据。我们发现，企业显着增加他们的现金水平，以应对外生的投资机会的增加。我们还提供了现金积累和使用动态的新证据。财务拮据的公司利用内部资源建立现金储备。因此，他们更早开始储蓄，并将高现金水平保持更长时间。不受约束的公司依赖外部融资来投资和建立现金储备，这要求它们减少储蓄，并使它们承担更低的持有成本。
We exploit variation in demand induced by demographics to provide causal evidence of the precautionary motive of cash holdings. We show that firms significantly increase their cash levels in response to exogenous increases in investment opportunities. We also provide novel evidence of the dynamics of accumulation and use of cash. Financially constrained firms build their cash reserves using internal sources. Consequently, they start saving earlier and keep high cash levels longer. Unconstrained firms rely on external financing to both invest and build cash reserves, requiring them to save less and allowing them to incur lower costs of carry.