股票流动性对企业现金持有量的影响:真实投资动机

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE International Review of Finance Pub Date : 2022-03-09 DOI:10.1111/irfi.12377

Hyun Joong Im, Barry Oliver, Heungju Park

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引用次数: 0

摘要

本研究考察了股票流动性与企业现金持有量之间的关系，并探讨了驱动这种关系的一种新的经济机制。采用基于罗素1000/2000指数年度重构的回归不连续设计方法，我们发现股票流动性对企业现金持有量具有正因果效应。这种效应对于拥有更多投资机会的公司更为明显。这些结果表明，股票流动性的增强通过扩大投资机会集来增加企业的现金持有量。我们的证据支持真实投资动机优于回购动机。

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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The effect of stock liquidity on corporate cash holdings: The real investment motive

This study examines the relationship between stock liquidity and corporate cash holdings and explores a new economic mechanism driving this relationship. Using a regression discontinuity design approach based on the annual reconstitution of the Russell 1000/2000 indices, we find that stock liquidity has a positive causal effect on corporate cash holdings. This effect is more pronounced for firms with more investment opportunities. These results suggest that enhanced stock liquidity increases corporate cash holdings by expanding the set of investment opportunities. Our evidence supports the real investment motive over the repurchase motive.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.