公司現金持有與極端乾旱

Abstract

此研究的目的是調查乾旱發生時，企業現金持有的政策變化。我們觀察Palmer乾旱指數和現金持有數據，發現乾旱風險和現金持有之間有顯著的正相關關係。當企業所在的郡發生極端乾旱時，企業的現金持有量在資產中的占比增加0.03。此結果符合預防動機理論，即企業會持有更多現金以應對突發的或不可避免的風險。我們還發現，隨著乾旱的加劇，增量現金和現金的波動性皆會增加，表示企業在乾旱發生時會保留更多的現金並動態地調整他們持有的現金數量。整體而言，此研究顯示了受乾旱影響的公司的預防動機，並且提供了企業增加現金持有量的可能原因。

The objective of the study is to investigate the policy change in corporate cash holdings when a drought occurs. We conduct an empirical study of drought on cash holdings. By observing the Palmer Drought Severity Index and cash holding data, we document a significant positive relation between drought risk and cash holding. The estimation shows that the corporate ratio of cash holdings to assets is 0.03 higher when there is extreme drought in the county where the corporates are located in. This result supports the theory of precaution motive and indicates that corporates hold more cash to face unexpected climate risks. We also find that excess cash and cash volatility increase as drought becomes intense, showing that corporates maintain more cash and adjust the amount of cash they hold when drought occurs. Overall, the findings show the precautionary motive for firms affected by droughts and offer possible reasons for the increase in corporate cash holdings.