Debt dispersion and corporate liquidity

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-05-21 DOI:10.1111/jfir.12410

Goutham Abotula, Douglas (DJ) Fairhurst

引用次数: 0

Abstract

Cash holdings are significantly lower for firms with dispersed debt maturity, and this finding is robust to entropy balancing and allowing for the simultaneous selection of dispersion and cash holdings. The relation is strongest for firms with shorter debt maturity and firms that rely on precautionary cash, such as financially constrained firms and firms with volatile cash flows. Markets place a lower value on the cash of firms with high or increasing dispersion, and these firms retain less cash. Collectively, the evidence implies that firms can hedge rollover risk with dispersed debt maturity as an alternative to holding costly cash.

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债务分散与公司流动性

债务期限分散的公司的现金持有量明显较低，而且这一结论在熵平衡和允许同时选择分散性和现金持有量的情况下是稳健的。对于债务期限较短的企业和依赖预防性现金的企业（如财务紧张的企业和现金流不稳定的企业）来说，这种关系最为密切。市场对高分散度或分散度不断增加的公司的现金价值较低，这些公司保留的现金也较少。总之，这些证据表明，企业可以通过分散债务期限来对冲展期风险，而不是持有高成本的现金。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.