Corporate Financial Policy and the Value of Cash
研究公司财务政策如何影响现金的边际价值，发现现金持有越多、杠杆越高、资本市场准入越好、以及通过分红而非回购分配现金时，现金的边际价值越低。
ABSTRACT We examine the cross‐sectional variation in the marginal value of corporate cash holdings that arises from differences in corporate financial policy. We begin by providing semi‐quantitative predictions for the value of an extra dollar of cash depending upon the likely use of that dollar, and derive a set of intuitive hypotheses to test empirically. By examining the variation in excess stock returns over the fiscal year, we find that the marginal value of cash declines with larger cash holdings, higher leverage, better access to capital markets, and as firms choose greater cash distribution via dividends rather than repurchases.