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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/129510

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/129510

Title:	Equity Issuances and the Value of Cash Holdings 權益發行與現金價值
Authors:	陳嬿如 Chen, Yenn-Ru 黃幼琳 Huang, Yu-Lin
Contributors:	財管系
Keywords:	Private placements;equity issuances;value of cash 私募股權;權益發行; 現金價值
Date:	2019-09
Issue Date:	2020-04-27 16:00:52 (UTC+8)
Abstract:	This paper examines the effect of equity issuances on the marginal value of cash. We find the marginal value of cash is higher to firms saving cash from equity issuances than to firms with low or no equity issuances. Our results support the precautionary motive for cash generation. Additionally, the capital market values additional cash higher to firms more likely saving cash from private placements relative to public offerings. Such valuation difference is attributed to the monitoring effect from private placements, and the value difference between the two equity issuance mechanisms varies with the corporate governance environment that firms face.
Relation:	Journal of Financial Studies, Vol.27, No.3, pp.1-39
Data Type:	article
DOI 連結:	https://doi.org/10.6545/JFS.201909_27(3).0001
DOI:	10.6545/JFS.201909_27(3).0001
Appears in Collections:	[財務管理學系] 期刊論文

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