The Allocation of Internal Cash FlowOver The Business Cycle
碩士 === 淡江大學 === 經濟學系碩士班 === 104 === This paper examines the allocation of internal cash flow over the business cycle. Using data from 2184 listed companies from Taiwan over the period 1991-2015, we find that unconstrained firms allocates more cash flows to cash and less cash flows to investment...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/63488618005902114194 |
| Summary: | 碩士 === 淡江大學 === 經濟學系碩士班 === 104 === This paper examines the allocation of internal cash flow over the business cycle. Using data from 2184 listed companies from Taiwan over the period 1991-2015, we find that unconstrained firms allocates more cash flows to cash and less cash flows to investment and equity repurchases during booms. By contrast, during booms, financially constrained firms increase their cash holding and issue more debt.
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