Dynamic corporate liquidity

Nikolov Boris; Schmid Lukas; Steri Roberto

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Dynamic corporate liquidity

机译：动态公司流动资金

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In contrast to cash holdings, credit lines give firms financial flexibility by providing liquidity contingent on realized funding needs, but they are often limited by collateral and covenants. We embed this trade-off into an estimated dynamic model of financing and investment. Our model highlights the relevance of drawing down credit lines to fund investment options in an effective way and quantitatively matches well the levels and dynamics of cash, credit lines, and leverage. In the cross-section, modeling credit lines as contingent liquidity provides novel empirical predictions and rationalizes several stylized facts regarding credit line usage, covenant violations, and cash holdings. (C) 2018 Elsevier B.V. All rights reserved.

机译：与现金持有相比，信贷额度通过提供流动资金取决于已实现的资金需求，从而为公司提供了财务灵活性，但它们通常受到抵押品和契约的限制。我们将此权衡因素纳入了估算的融资和投资动态模型中。我们的模型突出显示了有效降低信贷额度以为投资选择提供资金的相关性，并且在数量上与现金，信贷额度和杠杆的水平和动态相匹配。在横截面中，将信贷额度建模为或有流动性可提供新颖的经验预测，并使有关信贷额度使用，违约行为和现金持有量的若干程式化事实合理化。（C）2018 Elsevier B.V.保留所有权利。

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来源
《Journal of financial economics》 |2019年第1期|76-102|共27页
作者
Nikolov Boris; Schmid Lukas; Steri Roberto;
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作者单位

Univ Lausanne, Extranef 228, CH-1015 Lausanne, Switzerland|Swiss Finance Inst, Extranef 228, CH-1015 Lausanne, Switzerland|Fac Business & Econ, Lausanne, Switzerland;

Duke Univ, Fuqua Sch Business, 100 Fuqua Dr, Durham, NC 27708 USA|CEPR, London, England;

Univ Lausanne, Extranef 233, CH-1015 Lausanne, Switzerland|Swiss Finance Inst, Extranef 233, CH-1015 Lausanne, Switzerland|Fac Business & Econ, Lausanne, Switzerland;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Cash; Credit lines; Collateral; Covenants; Structural estimation;

机译：现金;信贷额度;抵押;契约;结构估计;

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Dynamic corporate liquidity

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