公司现金持有量外文字文献翻译2014年.docVIP

外文文献原文+译文 原文 Corporate cash holdings: Evidence from Switzerland Wolfgang Drobetz；Matthias C. Grüninger 2.1 Transaction costs In the presence of transaction costs, a value-maximizing firm evaluates the marginal costs and marginal benefits of cash holdings to determine an optimum (e.g., KEYNES, 1936). On the one hand, economies of scale for raising external funds encourage firms to hold cash as a buffer and avoid frequent external fund raising (LEE et al., 1996; KIM et al., 1998). On the other hand, the cost of holding liquidity is the lower pecuniary return. In the presence of transaction costs, one part of the benefits of holding liquid assets is that they can more easily be converted into cash, i.e., there is a liquidity premium, defined as the opportunity cost for holding liquid assets. Moreover, there is a tax disadvantage from a shareholder’s point of view. If a firm holds liquid assets, the accrued interest income is taxed twice and shareholders could earn a higher pre-tax return from holding these securities directly (MASULIS and TRUEMAN, 1988). The transaction costs motive leads to several predictions about a firm’s cash holdings. For example, the existence of economies of scale suggests that smaller firms hold relatively more liquidity than larger firms. Another hypothesis builds upon the notion that one way to raise cash is through liquidation of assets (SHLEIFER and VISHNY, 1992). 译文 公司现金持有量：瑞士的实证研究 作者：沃夫冈，马提亚 2.1 交易成本 在存在交易成本时，一个公司的评估价值最大化的边际成本和边际收益来确定最佳现金持有量（e.g., Keynes，1936）。一方面，经济规模筹集外部资金，鼓励企业持有的现金作为缓冲，避免频繁的外部筹资（Leeetal.1996; Kim etal. 1998）。另一方面，持有成本的流动性是其较低金钱上的回报。在存在交易成本的一部分，持有流动资产的一个好处是他们能更容易地转换成现金，即应该有一个流动性溢价，定义为持有流动资产的机会成本。此外，从股东的角度有税务缺点。如果一个企业持有的流动资产，应计利息收入征税两次股东能直接从从持有的证券赚取较高税前收益（MasulisTrueman，1988）。交易成本的动机导致了若干预测企业的现金持有量。例如，在规模经济的存在表明，小公司比大公司持有更多的现金。另一种假设基础上的概念，方法是通过提高现金资产清算（ShleiferVishny.1992）。 文献出处： Drobetz W, Grüninger M C. Corporate cash holdings: Evidence from Switzerland[J]. Financial Markets and Portfolio Management, 2014，