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Corporate Money Demand
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2020-08-31 , DOI: 10.1093/rfs/hhaa083
Gao X, Whited T, Zhang N, et al.

Abstract
We document a hump-shaped relation between corporate cash and both real and nominal interest rates in both aggregate and firm-level data. We rationalize this result in a model where firms finance investment with cash and risky debt. The risky rate rises endogenously with the risk-free rate, spurring precautionary cash demand. Simultaneously, foregone interest lowers cash demand. The first mechanism dominates at low interest rates, and the second at high interest rates. The model matches several data moments and reproduces a nonmonotonic cash–interest relation. This nonmonotonicity implies that interest rates are unlikely to be behind the recent rise in corporate cash.


中文翻译:

企业资金需求

摘要
我们在汇总和公司级数据中记录了公司现金与实际利率和名义利率之间的驼峰形关系。我们将这种结果合理化,建立了一个模型,其中公司使用现金和风险债务为投资融资。风险利率与无风险利率一起内生地上升,从而刺激了预防性现金需求。同时,放弃的利息降低了现金需求。第一个机制在低利率下占主导地位,第二个机制在高利率下占主导地位。该模型匹配多个数据时刻,并再现了非单调的现金-利息关系。这种非单调性意味着利率不太可能落后于近期公司现金的增长。
更新日期:2020-08-31
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