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題名 Debt capacity, cash holdings and financial constraints
作者 周冠男
Chou, Robin K.;Lu, Chien-Lin;Chen, Hsuan-Chi;Lin, Chih-Yung
貢獻者 財管系
關鍵詞 cash holdings; debt capacity; debt structure; financial constraints; leverage deviation
日期 2023-12
上傳時間 26-Mar-2024 15:24:03 (UTC+8)
摘要 In this study, we explore the relationship among debt capacity, cash holdings and financial constraints by using the deviation in leverage as a proxy for debt capacity. Our findings show a positive relationship between cash holdings and debt capacity. Furthermore, financially constrained firms benefit more from holding cash that leads to larger increases in debt capacity and easier access to bank loans and credit lines by reducing the heterogeneous beliefs of creditors. Our results indicate that cash holdings complement debt capacity for financially constrained firms.
關聯 Journal of Business Finance and Accounting
資料類型 article
DOI https://doi.org/10.1111/jbfa.12771
dc.contributor 財管系
dc.creator (作者) 周冠男
dc.creator (作者) Chou, Robin K.;Lu, Chien-Lin;Chen, Hsuan-Chi;Lin, Chih-Yung
dc.date (日期) 2023-12
dc.date.accessioned 26-Mar-2024 15:24:03 (UTC+8)-
dc.date.available 26-Mar-2024 15:24:03 (UTC+8)-
dc.date.issued (上傳時間) 26-Mar-2024 15:24:03 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/150566-
dc.description.abstract (摘要) In this study, we explore the relationship among debt capacity, cash holdings and financial constraints by using the deviation in leverage as a proxy for debt capacity. Our findings show a positive relationship between cash holdings and debt capacity. Furthermore, financially constrained firms benefit more from holding cash that leads to larger increases in debt capacity and easier access to bank loans and credit lines by reducing the heterogeneous beliefs of creditors. Our results indicate that cash holdings complement debt capacity for financially constrained firms.
dc.format.extent 98 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Journal of Business Finance and Accounting
dc.subject (關鍵詞) cash holdings; debt capacity; debt structure; financial constraints; leverage deviation
dc.title (題名) Debt capacity, cash holdings and financial constraints
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/jbfa.12771
dc.doi.uri (DOI) https://doi.org/10.1111/jbfa.12771