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The Determinants and Implications of Corporate Cash Holdings

Tim C. Opler

出版	SSRN, 2012
URL	http://books.google.com.hk/books?id=01HnzgEACAAJ&hl=&source=gbs_api

註釋

We examine the determinants and implications of holdings of cash and marketablequot; securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growthquot; opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firmsquot; that have the greatest access to the capital markets (e.g. large firms and those with creditquot; ratings) tend to hold lower ratios of cash to total assets. These results are consistent with thequot; view that firms hold liquid assets to ensure that they will be able to keep investing when cashquot; flow is too low relative to planned investment and when outside funds are expensive. Thequot; short run impact of excess cash on capital expenditures, acquisition spending and payouts toquot; shareholders is small. The main reason that firms experience large changes in excess cash isquot; the occurrence of operating losses. There is no evidence that risk management and cashquot; holdings are substitutes.