| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12534 |
| 来源ID | Working Paper 12534 |
| Why Do U.S. Firms Hold So Much More Cash Than They Used To? | |
| Thomas W. Bates; Kathleen M. Kahle; Rene M. Stulz | |
| 发表日期 | 2006-09-26 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period can pay back their debt obligations with their cash holdings, so that the average firm has no leverage when leverage is measured by net debt. This change in cash ratios and net debt is the result of a secular trend rather than the outcome of the recent buildup in cash holdings of some large firms. It is concentrated among firms that do not pay dividends. The average cash ratio increases over the sample period because the cash flow of American firms has become riskier, these firms hold fewer inventories and accounts receivable, and the typical firm spends more on R&D. The precautionary motive for cash holdings appears to explain the increase in the average cash ratio. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w12534 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570194 |
| 推荐引用方式 GB/T 7714 | Thomas W. Bates,Kathleen M. Kahle,Rene M. Stulz. Why Do U.S. Firms Hold So Much More Cash Than They Used To?. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12534.pdf（163KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
