债务分散与公司流动性

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-05-21 DOI:10.1111/jfir.12410

Goutham Abotula, Douglas (DJ) Fairhurst

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引用次数: 0

摘要

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。

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Debt dispersion and corporate liquidity

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.