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投资于液体或非流动资产

时间:2016-04-30 17:29来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

投资于液体或非流动资产
Investing In Liquid Or Non Liquid Assets

 

流动性被发现是企业融资(沥青和迈尔斯,1996)领域一个未解决的最重要的问题。此外,同样的研究发现,流动性管理的精确确定未来投资机会和未来外部借款的能力。

一般而言,公司投资于最具流动性的资产。流动资产占总资本或资产的相当一部分,对公司的风险和盈利能力有着更重要的影响(约1993)。例如,根据基姆、莫尔、舍曼(1998)、现金、有价证券总资产的平均比率(流动性)为8.1%在1975~1994年,这为美国915家企业样本。基姆等(1998)分析持有流动资产的成本和收益,并得出结论认为,投资于流动资产(例如,财政部证券)是更昂贵的,因为投资于流动资产,公司接受投资的机会成本较低的流动性和更有益的资产;此外,公司还承担交易金融证券交易成本。但由于资本市场的不完善,企业管理的显著和可预测的超额流动资产的数量,提供了一个强大的逻辑,以保持一定的流动性,以解决一些紧急情况。Huberman(1984),Ang (1991),梅尔斯和拉詹(1995)曾指出,流动资产小于流动资产可能会带来更严重的代理问题。

具体来说,当且仅当外部融资成本,对流动资产的投资是最有利的回复,必须寻求昂贵的外部融资基金,未来生产需求或投资机会和外部融资的成本,包括直接成本发行证券,带来潜在的代理冲突,成本和费用由信息不对称引发的逆向选择问题(史密斯,1986)。
 

CHAPTER 1:——第一部分
 

Liquidity was found to be one of the most important unresolved problems in the field of corporate finance (Brealy and Myers, 1996). In addition, the same studies found that the liquidity management was the pinpoint of determining both future investment opportunities and future capacity of external borrowing.

Firms, in general, invested in the most liquid assets. Liquid assets made up a considerable segment of total capital or assets and had the more important implications for the risk and profitability of firms (John, 1993). For instance, according to Kim, Mauer, and Sherman (1998), the average ratio of cash plus marketable securities to total assets (Liquidity) was 8.1% during the period of 1975 to 1994 of a sample of 915 industrial firms of the United States of America. Kim et al. (1998) analyzed both the costs and benefits of holding the liquid assets and concluded that the investment in liquid assets (e.g., Treasury Securities) was more costly because by investing in liquid assets, the firms accepted opportunity cost of investing in less liquid and more rewarding assets; furthermore, the firms also bear transaction costs of trading financial securities. But firms managed significant and predictable amounts of excess liquid asset holdings because of the capital market imperfections provided a strong logic to maintain some excess liquidity to tackle some emergencies. Huberman (1984), Ang (1991), and Myers and Rajan (1995) had noted that liquid assets might prompt more severe agency problems than less liquid assets.(责任编辑:anne)



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