(Non-)Precautionary Cash Hoarding and the Evolution of Growth Firms
分析了成长型企业是否应延迟投资以囤积现金，从而减少外部融资的稀释效应，并区分了预防性与非预防性囤积动机对现金与财务决策的不同影响。
We analyze whether growth firms should delay current investment to hoard cash in order to reduce dilution from external financing. This hoarding motive is the natural counterpart to saving cash as a precaution to help secure funding for future investment opportunities. However, the two motives lead to fundamentally different implications for hoarding and for how cash interacts with key financial and investment decisions. In particular, our paper contributes to understanding why firms choosing private over public financing hoard less, and why product market competition has an ambivalent impact on the public–private choice. This paper was accepted by Gustavo Manso, finance.