營運風險與現金持有量

Abstract

本研究探討了營運風險與公司現金持有之間的關係，以了解公司如何根據感知的風險調整其現金持有量。我們的基準結果一致支持假設 H1A，該假設認為營運風險與現金持有量之間存在正相關性。這樣的結果代表公司通常在面臨較高營運風險時，會選擇增加其現金持有量，以因應未來的不確定性。同時，公司可以透過持有現金來維持流動性，以防止未來不確定性所引起的財務困難或緊急情況，或避免由於流動性不足而導致的低效投資。這些結論在使用不同的現金持有量指標和工具變量分析進行測試時仍然穩健。此外，我們的擴展分析顯示，在以下情況下，公司顯著增加其現金持有量：（a）較大的董事會規模，（b）較高頻率的財務重編次數，（c）較低的組織複雜性，以及（d）較高的槓桿率。最後，我們的研究還表明，現金持有策略不僅受到營運風險的影響，還顯著受到槓桿和整體資本結構的影響。這些因素共同決定了公司如何在風險管理需求和財務負擔之間取得平衡。

This study examines the relationship between operational risk and corporate cash holdings to understand how companies adjust their cash reserves in reaction to perceived risks. Our baseline results consistently support Hypothesis H1A, which posits a positive correlation between operational risk and cash holdings. This implies that companies typically choose to increase their cash holdings when faced with higher operational risks as a precaution against future uncertainties. Firms can maintain their liquidity by holding cash to protect against future risks or uncertainties that could cause financial difficulties or emergencies, or to avoid inefficient investments due to a lack of liquidity. These conclusions remain solid when tested with various alternative metrics of cash reserves and through the use of instrumental variable analysis. Furthermore, our extended analysis reveals that companies significantly increase their cash holdings under the following circumstances: (a) larger board sizes, (b) higher frequency of financial restatements, (c) lower organizational complexity, and (d) higher leverage. Lastly, our research also demonstrates that the decisions regarding cash holding strategies are influenced not only by operational risks but also significantly by their leverage and overall capital structure. These factors collectively determine how companies balance risk management needs with financial burdens.