Why Do US Firms Hold So Much More Cash than They Used To?

被引：1612

作者：

Bates, Thomas W. ^{[1
]}

Kahle, Kathleen M. ^{[2
]}

Stulz, Rene M. ^{[3
]}

机构：

[1] Arizona State Univ, WP Carey Sch Business, Tempe, AZ 85287 USA

[2] Univ Georgia, Coll Business, Athens, GA 30602 USA

[3] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

来源：

JOURNAL OF FINANCE | 2009年 / 64卷 / 05期

关键词：

CORPORATE GOVERNANCE; DEMAND; FLOW; DETERMINANTS; INVESTMENT; PROPENSITY; DIVIDENDS; COSTS; MONEY; DEBT;

D O I：

10.1111/j.1540-6261.2009.01492.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The average cash-to-assets ratio for U.S. industrial firms more than doubles from 1980 to 2006. A measure of the economic importance of this increase is that at the end of the sample period, the average firm can retire all debt obligations with its cash holdings. Cash ratios increase because firms' cash flows become riskier. In addition, firms change: They hold fewer inventories and receivables and are increasingly R&D intensive. While the precautionary motive for cash holdings plays an important role in explaining the increase in cash ratios, we find no consistent evidence that agency conflicts contribute to the increase.

引用

页码：1985 / 2021

页数：37

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