内部流动性的实际和金融效应：来自《减税和就业法案》的证据

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-02-08 DOI:10.1016/j.jfineco.2025.104006

James F. Albertus , Brent Glover , Oliver Levine

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引用次数: 0

摘要

《减税和就业法案》释放了美国跨国公司多达1.7万亿美元的海外现金。我们考察了对这种流动性冲击的实际和金融反应，发现企业没有增加资本支出、就业、研发或并购，无论财务约束如何。在财务方面，公司只向股东支付了大约三分之一的新流动资金，并保留了一半的现金。这种高留存率与糟糕的管理无关。将流动性冲击保留为现金的高度倾向，即使是在财务约束有限、管理良好的公司中，也很难与现有理论相协调。

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The real and financial effects of internal liquidity: Evidence from the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act unlocked as much as $1.7 trillion of U.S. multinationals’ foreign cash. We examine the real and financial response to this liquidity shock and find that firms did not increase capital expenditures, employment, R&D, or M&A, regardless of financial constraints. On the financial side, firms paid out only about one-third of the new liquidity to shareholders and retained half as cash. This high retention was not associated with poor governance. The high propensity to retain the liquidity shock as cash, even among well-governed firms with limited financial constraints, is difficult to reconcile with existing theory.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.