The effects of banking market structure on corporate cash holdings and the value of cash
研究发现，在银行集中度更高的市场中，企业通过增发股票增加现金持有，且每1美元现金的边际价值提高10美分，这种效应在融资约束更强的企业中更显著。
We investigate the impact of the local banking market structure on the level of corporate cash holdings and the value of cash. We find that, in more concentrated banking markets, firms increase their cash holdings by issuing more equity. The marginal value of $1 cash increases by 10 cents with a one-standard-deviation increase in bank concentration. The positive relationship between bank concentration and value of cash is robust to a rich set of tests such as for firms having access to bond markets or firms using syndicated loans and is more prominent for more financially constrained firms. We also explore the mechanism, and our results suggest that in more concentrated banking markets firms demand more cash to shield against default risk.