Why Has the Value of Cash Increased Over Time?
研究发现企业现金持有价值从1980年代的0.61美元升至2000年代的1.12美元，主要由投资机会、现金流波动、产品市场竞争和信用风险驱动，且财务约束企业的现金调整速度下降。
The value of corporate cash holdings has increased significantly in recent decades. On average, $1 of cash is valued at $0.61 in the 1980s, $1.04 in the 1990s, and $1.12 in the 2000s. This increase is predominantly driven by the investment opportunity set and cash-flow volatility, as well as secular trends in product market competition, credit market risk, and within-firm diversification. We document a secular decrease in the speed of adjustment (SOA) in cash holdings, particularly for financially constrained firms with cash deficits, suggesting that capital market frictions can account for the trend in the value of cash holdings.