Refinancing Risk and Cash Holdings
Refinancing Risk and Cash Holdings
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DOI：
10.2139/ssrn.1810199
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发表时间：
2013-05
期刊：
影响因子：
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通讯作者：
J. Harford;Sandy Klasa;W. Maxwell
中科院分区：
文献类型：
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作者：
J. Harford;Sandy Klasa;W. Maxwell
type=“main”>我们发现，企业通过增加现金持有量和从现金流中节省现金来降低再融资风险。企业长期债务的期限显著缩短，这一缩短解释了现金持有量随时间增长的很大一部分原因。与现金储备对具有再融资风险的公司特别有价值的推断一致，我们记录了这些储备的价值对这些公司来说更高，并且它们减轻了投资不足的问题。我们的研究结果表明，再融资风险是现金持有量的一个关键决定因素，并强调了公司的财务政策决策的相互依赖性。
type="main"> We find that firms mitigate refinancing risk by increasing their cash holdings and saving cash from cash flows. The maturity of firms’ long-term debt has shortened markedly, and this shortening explains a large fraction of the increase in cash holdings over time. Consistent with the inference that cash reserves are particularly valuable for firms with refinancing risk, we document that the value of these reserves is higher for such firms and that they mitigate underinvestment problems. Our findings imply that refinancing risk is a key determinant of cash holdings and highlight the interdependence of a firm's financial policy decisions.