全球智库信息集成服务系统(G2TT): DP8278 The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8278
	DP8278 The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms
	Bent E Sørensen; Charlotte Ostergaard; Amir Sasson
发表日期	2011-02-28
出版年	2011
语种	英语
摘要	We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitive to firm cash flow. Our analysis suggests that shocks to external financing costs are transmitted to the real economy via firms' marginal value of cash.
主题	Financial Economics ; International Macroeconomics
关键词	Bank lending channel Cash flow trade-offs Cash holdings External financing costs Nonlisted firms
URL	https://cepr.org/publications/dp8278
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537115
推荐引用方式 GB/T 7714	Bent E Sørensen,Charlotte Ostergaard,Amir Sasson. DP8278 The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms. 2011.