摘要：We empirically examine how corporate cash holdings relate to debt structure, that is, the fraction of bond financing. We find that firms save 20 cents from $1 of bond financing, but do not save from loan financing. Compared to bond financing, loan financing is more associated with building non-cash current assets and physical investments. In the cross-section, we find that the relation between cash holdings and bond financing is U-shaped. That is, firms that do not use bond financing or those that are entirely bond-financed exhibit the highest cash holdings. The differential in cash holdings due to heterogeneity in bond financing is substantial and amounts to 20% of assets. We present a model of liquidity management with financial constraints to rationalize these patterns.
主讲人简介：林英东，于北京大学获得本科和硕士学位，博士毕业于意大利博科尼商业大学经济与金融博士专业。主要研究方向为公司债务结构、公司-银行关系、信贷市场金融摩擦。在国际金融管理协会（FMA）等国际学术会议报告论文多次
时间：2022.6.23 14:00-15:00
地点：综合楼745