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Do cash flow imbalances facilitate leverage adjustments of Chinese listed firms? Evidence from a dynamic panel threshold model

机译：现金流量不平衡是否有助于杠杆调整中国上市公司？动态面板阈值模型的证据

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摘要

This paper investigates the asymmetric impact of cash flow on firms' leverage adjustments. We use a dynamic panel threshold model and estimate it with a newly-developed first-difference GMM approach, which allows endogeneity in both threshold variable and regressors. Employing data of 1054 Chinese listed firms during 2004-2016, we show that Chinese listed firms have leverage targets, towards which they adjust at an average speed of 25.9%. Moreover, firms with larger absolute cash flow adjust towards their leverage targets significantly faster than those with smaller absolute cash flow. This finding is robust to a post-financial crisis sample period, alternative measures of leverage and cash flow, and the incorporation of an additional control variable. We find evidence that cash flow imbalances facilitate leverage adjustments by reducing adjustment costs, and Chinese listed firms rely more on debt issues. These findings provide new insights on firms' leverage adjustment and cash flow management.
机译：本文调查了现金流对企业杠杆调整的不对称影响。我们使用动态面板阈值模型并用新开发的第一差异GMM方法估算它，这允许在阈值变量和回归器中的内能性。 2004 - 2016年期间，在2004 - 2016年雇用1054家中市公司的数据，我们展示了中国上市公司有利用目标，他们以平均速度调整为25.9％。此外，具有较大的绝对现金流量的公司朝着它们的杠杆目标调整得比具有较小绝对现金流量的杠杆目标。这一发现对金融后危机的样本，杠杆和现金流量的替代措施以及额外的控制变量的融合。我们发现证据表明，通过减少调整成本，现金流量不平衡促进杠杆调整，而中国上市公司则依赖债务问题。这些调查结果为公司的利用调整和现金流量管理提供了新的见解。

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