자본시장 제약과 현금의 가치관련성에 관한 연구: 2008년 금융위기를 중심으로

This study empirically investigates whether and how 2008 financial crisis affects value relevance of cash holdings. More specifically, this study examines whether changes in value relevance of cash flows during the financial crisis period differs across the sources of cash flows from operating, investing, and financing activities. The increased financial constraints due to collapse of debt and equity market during financial crisis will increase the relative importance of a firm’s internal cash holdings. Especially, since the crisis affects the whole economy as well as financial industry, the properties of cash flows such as liquidity and solvency will become more important to investors. Empirical results show that the value relevance of net cash flows has increased during financial crisis. In addition, value relevance of cash flows from financing activities has increased significantly during financial crisis, while cash flows from operating and investing activities do not. These results suggest that investors value liquidity or solvency that is closed related to properties of cash flows from financing activities during financial crisis than other period.