Do Japanese Firms Increase Cash Holdings? Partially, Yes, but not Entirely"
DOI:
https://doi.org/10.51094/jxiv.125Keywords:
Cash holdingsAbstract
本稿の目的は、法人企業統計調査の個票データを用いることにより、未公開企業も含む日本企業の現金保有変動の決定要因を明らかにすることである。本稿では国外の研究を整理した。それにより、特に企業属性の変化が現金保有の増加に寄与する可能性を指摘した。さらに日本経済の中での企業構成が異なることが総和としての企業の保有現金に影響している可能性を指摘した。実際に個票データを用いたところ、2005年から2009年に書けての現金比率はおおよそ5パーセンテージポイント増加していること、そのうち25％(中央値)から50%(平均値)が既存モデルでは説明できない部分、50％~75%は既存モデルで説明できることを確認した。さらに日本経済の中で比較的現金を保有する傾向にある企業が増加傾向にあることも確認した。具体的には小企業、研究開発型企業や有形固定資産比率が低い企業などの増加が確認された。
これらを鑑みると、総和としての企業の保有現金の増加は、企業の状態が変化したことや経済状況の変化に伴う影響が存在することが確認された。
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Submitted: 2022-08-17 06:51:45 UTC
Published: 2022-09-02 06:26:18 UTC
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