讲座摘要： We study the time-series variation in how U.S. firms allocate their cash flow across various uses over the past three decades. Based on the cash flow sensitivities of different uses of funds, our integrated regression framework depicts a complete picture of what firms do with their cash flow. Contrary to the findings of recent studies, the investment-cash flow sensitivity of U.S. firms has neither declined nor disappeared. Our analysis illustrates that the sensitivity has been stably high (i.e., around 0.3) since 1988, suggesting that investment has consistently been an important use of cash flow. Furthermore, we find that firms have been shifting their cash flow considerably away from increasing working capital, towards reducing equity financing. Taken together, our findings reveal temporal variation in corporate uses of cash flow over the recent decades and illustrate how firms reallocate internal funds to shape their corporate policies.
线上会议：腾讯会议（会议号：396 786 011）
主讲人简介： 石加媚（Carmen）教授是新加坡南洋理工大学商学院助理教授，研究成果发表于《Financial Management》等杂志，曾荣获南洋总统毕业生最高奖学金。