教師資料查詢 | 類別: 期刊論文 | 教師: 林亦珍 Yi-chen Lin (瀏覽個人網頁)

標題:The cash flow sensitivity of cash: evidence from Taiwan
學年
學期
出版(發表)日期2007/08/01
作品名稱The cash flow sensitivity of cash: evidence from Taiwan
作品名稱(其他語言)
著者Lin, Yi-chen
單位淡江大學經濟學系
出版者Abingdon: Routledge
著錄名稱、卷期、頁數Applied Financial Economics 17(12), pp.1013-1024
摘要This article examines the role of operating cash flow in firm cash policies using an unbalanced panel of 988 Taiwanese firms. The main findings are as follows: (i) Both financially constrained and unconstrained firms display positive cash flow sensitivity of cash, indicating that capital market friction is prevalent in Taiwan. The result is in sharp contrast to the US result in Almeida et al. (2004) in that only constrained firms save cash out of their operating cash flow. (ii) The estimated cash flow sensitivity of cash for financially constrained firms is significantly higher than that of financially constrained firms in the USA. Our results imply that a financially constrained firm (i.e. a firm that is younger, has a looser relation with banks, or has negative investment-dividend correlation) saves 0.246 to 0.307 dollar out of an additional dollar of operating cash flow. An unconstrained firm saves 0.024 to 0.101 less dollars. (iii) Firms that have ever issued public debt save more cash out of their operating cash flow than firms that have never issued public debt. (iv) Omitting net debt and equity issuances from the cash regression produces downward-biased cash-cash flow sensitivity estimates.
關鍵字
語言英文
ISSN0960-3107
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別英國
公開徵稿
出版型式電子版;紙本
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