On the Determinants of SME Cash Holdings: Evidence from Spain
利用1996-2001年860家西班牙中小企业的数据，分析影响现金持有量的因素，发现企业存在目标现金水平，且该水平受增长机会、现金流、银行债务和现金替代品等因素影响。
Abstract: This work analyses the factors that might explain the level of cash holdings in a sample of 860 small and medium‐sized firms from Spain during the period 1996–2001. The empirical results show that firms have a target cash level to which they attempt to converge. The level of this target is higher for firms with more growth opportunities and larger cash flows. In contrast, the target level for cash holdings falls when the use of bank debt and the presence of substitutes for cash increase. Moreover, when the interest rates in the economy increase firms reduce their cash holding.