기업의 현금보유가 기업투자에 미치는 영향 : 코로나19 팬데믹 전후 기간을 중심으로

In this study, we investigate how firms’ cash holdings affected their investments during the periods before and after the COVID-19 pandemic. We applied the panel difference-in-differences method to a dataset of nonfinancial firms listed on the Korea Composite Stock Price Index (KOSPI) market and the Korean Securities Dealers Automated Quotations (KOSDAQ) market from 2018 to 2022. Our findings are as follows. First, firms reduced investments after the outbreak of COVID-19. Second, higher cash holdings prior to the pandemic helped firms maintain their investments while mitigating the negative impact of COVID-19. Third, this positive effect of cash holdings on corporate investment was found for KOSDAQ-listed firms and those relying less on exports, whereas it was not observed for KOSPI-listed firms and those relying more on exports. These results suggest that cash holdings, as a precautionary measure, play a vital role in sustaining corporate investment, particularly during times of crisis. Furthermore, this effect is more pronounced for KOSDAQ-listed firms and firms with low export ratios because they are likely to face greater financial constraints during market distress. Finally, as the economy recovered from COVID-19, corporate investment increased and also the effect of precautionary cash holdings on investment disappeared.