The cash flow sensitivity of cash: evidence from Taiwan

doi:10.1080/09603100600749329

淡江大學機構典藏 > 商管學院 > 經濟學系暨研究所 > 期刊論文 > Item 987654321/24825

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题名:	The cash flow sensitivity of cash: evidence from Taiwan
作者:	Lin, Yi-chen
贡献者:	淡江大學經濟學系
日期:	2007-08
上传时间:	2009-11-30 18:38:35 (UTC+8)
出版者:	Abingdon: Routledge
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.
關聯:	Applied Financial Economics 17(12), pp.1013-1024
DOI:	10.1080/09603100600749329
显示于类别:	[經濟學系暨研究所] 期刊論文

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