What drives corporate liquidity? An international survey of cash holdings and lines of credit
成果类型：
Article
署名作者：
Lins, Karl V.; Servaes, Henri; Tufano, Peter
署名单位：
University of London; London Business School; Utah System of Higher Education; University of Utah; European Corporate Governance Institute; Centre for Economic Policy Research - UK; Harvard University; National Bureau of Economic Research
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/j.jfineco.2010.04.006
发表日期：
2010
页码：
160-176
关键词：
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.