文章基本信息

标题：Financing constraints and firms' cash policy in the euro area
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作者：Rozália Pál ; Annalisa Ferrando
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：This paper investigates the ¯nancing conditions of non-¯nancial corporations in the euro area. We develop a new ¯rm classi¯cation based on micro data by distinguishing between three groups of ¯rms: unconstrained, relatively and absolutely constrained ¯rms. We also provide further evidence on the sources of the correlation between cor- porate cash °ow and cash savings by conducting the analysis in a dynamic framework. Contrary to previous evidence based mainly on US ¯rms, our results suggest that the propensity to save cash out of cash °ows is signi¯cantly positive regardless of ¯rms' ¯- nancing conditions. This implies that even for ¯rms with favourable external ¯nancing conditions, the internal cash °ow is used in a systematic pattern for the inter-temporal allocation of capital. The results also indicate that the cash °ow sensitivity of cash holdings cannot be used for testing ¯nancing constraints of euro area ¯rms.
关键词：¯nancing conditions; cash policy decisions