What drives corporate liquidity? An international survey of cash holdings and lines of credit

被引：306

作者：

Lins, Karl V. ^{[2
]}

Servaes, Henri ^{[1
,3
,4
]}

Tufano, Peter ^{[5
,6
]}

机构：

[1] London Business Sch, London NW1 4SA, England

[2] Univ Utah, Salt Lake City, UT 84112 USA

[3] European Corp Governance Inst, Brussels, Belgium

[4] Ctr Econ Policy Res, London SW1Y 6LA, England

[5] Harvard Univ, Cambridge, MA 02138 USA

[6] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2010年 / 98卷 / 01期

关键词：

EMPIRICAL-ANALYSIS; LOAN COMMITMENTS; AGENCY PROBLEMS; FIRMS HOLD; GOVERNANCE; FINANCE; DETERMINANTS; PERFORMANCE; DIVIDENDS; RESERVES;

D O I：

10.1016/j.jfineco.2010.04.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We survey chief financial officers from 29 countries to examine whether and why firms use lines of credit versus non-operational (excess) cash for their corporate liquidity. We find that these two liquidity sources are employed to hedge against different risks. Nonoperational cash guards against future cash flow shocks in bad times, while credit lines give firms the option to exploit future business opportunities available in good times. Lines of credit are the dominant source of liquidity for companies around the world, comprising about 15% of assets, while less than half of the cash held by companies is held for non-operational purposes, comprising about 2% of assets. Across countries, firms make greater use of lines of credit when external credit markets are poorly developed. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：160 / 176

页数：17