企业现金持有的决定因素：来自英国上市公司的证据

Business and Economic Horizons Pub Date : 2018-07-19 DOI:10.15208/BEH.2018.40

Le Duc Hoang, Phi Long Tran, T. Ta, D. M. Vu

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引用次数: 12

摘要

本文重新审视了公司现金持有量的决定因素。它试图通过调查2011年至2016年在伦敦证券交易所上市的非金融公司来解释公司管理者的现金持有行为。研究结果表明，企业规模、杠杆率、现金流、现金流波动率和投资机会对现金持有行为有影响。这可以用权衡理论、啄食顺序理论和自由现金流理论来解释。我们的研究结果可能揭示了后危机时期现金持有水平下降的原因。

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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Determinants of corporate cash holding: evidence from UK listed firms

Our paper revisits the determinants of company cash holding. It attempts to explain the cash holding behavior of firms’ managers by investigating non-financial companies listed on the London Stock Exchange from 2011 to 2016. Our results indicate that firm size, leverage, cash flow, cash flow volatility, and investment opportunity exert influence on such cash holding behavior. It can be explained by the trade-off theory, the pecking-order theory and free cash flow theory. Our results may shed light on the decrease in the cash holding level for the post-crisis period.

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Business and Economic Horizons ECONOMICS-

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期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.