Corporate Cash Holdings in Asia
Corporate Cash Holdings in Asia
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亚洲企业现金持有量
DOI：
10.1111/asej.12039
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发表时间：
2014
影响因子：
1.3
通讯作者：
Akiko
中科院分区：
文献类型：
--
作者：
Horioka;Charles Yuji;and Terada-Hagiwara;Akiko
在本文中，我们使用 Oriana 数据库 2002 年至 2011 年期间的企业层面数据，以现金持有量变化的形式分析了 11 个亚洲经济体企业储蓄的决定因素。我们发现一些证据表明，现金流量对现金持有量变化有积极影响（即现金的现金流量敏感性为正），并且在发达经济体和发展中经济体中，规模较小且可能受到更多约束的公司的现金流量对现金持有量变化的积极影响比规模较大且可能受到较少约束的公司更大且更显着。这两项发现都证实了亚洲企业财务约束的重要性。此外，我们发现，全球金融危机后，现金的现金流敏感性下降，托宾平方对现金持有量的变化有积极影响，特别是在规模较大且可能不受约束的公司的情况下。
In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin'sqhas a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.