Debt capacity, cash holdings and financial constraints

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2023-12-12 DOI:10.1111/jbfa.12771

Chien-Lin Lu, Hsuan-Chi Chen, Robin K. Chou, Chih-Yung Lin

引用次数: 0

Abstract

In this study, we explore the relationship among debt capacity, cash holdings and financial constraints by using the deviation in leverage as a proxy for debt capacity. Our findings show a positive relationship between cash holdings and debt capacity. Furthermore, financially constrained firms benefit more from holding cash that leads to larger increases in debt capacity and easier access to bank loans and credit lines by reducing the heterogeneous beliefs of creditors. Our results indicate that cash holdings complement debt capacity for financially constrained firms.

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债务能力、现金持有量和财务限制

在本研究中，我们使用杠杆率偏差作为债务能力的替代指标，探讨了债务能力、现金持有量和财务约束之间的关系。我们的研究结果表明，现金持有量与债务能力之间存在正相关关系。此外，财务受限的公司更受益于持有现金，因为持有现金可以降低债权人的异质性信念，从而导致债务能力的大幅提高，并更容易获得银行贷款和信贷额度。我们的研究结果表明，现金持有量对财务受限企业的债务能力是一种补充。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.