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WhydoU.S.firmsholdsomuchmorecashthantheyusedto?ThomasW.Bates,KathleenM.Kahle,andRen′EM.StulzPresentedby马源2015.12.28
OutlineObject:firmsincorporatedintheUnitedStatesEvent:dramaticallyincreaseinaveragecashratioTimeperiod:1980~2006Question:whysuchincreasehappened,whatarethemaindeterminants?
TheoryandevidencereviewSampleconstructionanddocumentSubsampleanalysisEstimateregressionmodelsCertainfactorsanalysisAgencyproblemConclusionCatalogue:
ⅠTheoryandevidencereview:Whyfirmholdcash?Thetransactionmotive:optimaldemandforcashTheprecautionarymotive:tobettercopewithadverseshocksThetaxmotive:associatedwithrepatriatingforeignearningsAgencymotive:entrenchedmanagersismorelikelytoretaincashTheories:
Duringoursampleperiod(1980~2006)Derivativemarketgrew——lowerprecautionarydemandCashflowvolatilityincreased——greaterprecautionarydemandCompositionoffirmschanged——newlylistedfirmswithhigherriskMultinationalsdeferredtaxesassociatedwithrepatriatedforeignearningsEvidence:
ⅡSampleconstructionanddocument:
Theincreaseincashholdingsandthedecreaseinnetdebt
Include:survivingandnonsurvivingpositiveassetsandpositivesalesincorporatedintheUnitedStates?Exclude:Financialfirms(carrycashtomeetcapitalrequirement)Utilities(cashholdingssubjectedtoregulatorysupervision)Sampleconstruction:
?Notes:?Conclusion:
ⅢSubsampleanalysis:Howpervasiveistheincreaseincashholdings？IPO×Size√Dividend√Nete√High-tech×Newlylisted√Foreigne×
SizeTheaverageratioincreasesacrosseachsizequintilesTheincreaseismorepronouncedforsmallerfirmsAveragecashholdingsmorethandoubledforthe2ndand3rdquintiles,whilealmostdoubledfortheothersThesecularincreaseincashratioismarkedlymorepronouncedinsmallerfirms
BothIPOandnon-IPOfirmsshowasignificanttimetrendofcashholdings.Conclusion:IPOfirms
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