국내 기업 현금보유의 가치

초록

This paper empirically examines the cross-sectional variation in the marginal value of corporate cash holdings for Korean listed firms from 2001 to 2019. By examining the variation in excess stock returns over the fiscal year, the marginal value of cash is found to be less than par value, which means the market perceives the market frictions in evaluating the value of cash. Moreover, the value of cash is negatively associated with larger cash holdings and higher leverage, Other characteristics that affect the value of cash holding are also identified. Cash more valuable for financially constrained firms than for unconstrained firms. And the marginal value of cash increases with larger growth opportunities, higher uncertainty and higher foreign shareholding. These results suggest that the market perceives the presences of various factors that affects the value of cash holding and rewards or discounts firms’ cash reserves accordingly.

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