중소기업의 현금 보유와 경영 성과에 관한 실증분석Effect of SME’s Cash Holding on its Business Performance
- Other Titles
- Effect of SME’s Cash Holding on its Business Performance
- Authors
- 박도현; 빈기범; 장호규
- Issue Date
- 2015
- Publisher
- 한국중소기업학회
- Keywords
- SME; Precautionary Motive; Pecking Order Theory; Cashable Assets; 중소기업; 예비적 동기; 자본조달우선순위이론; 현금성 자산
- Citation
- 기업가정신과 벤처연구, v.18, no.3, pp.87 - 99
- Journal Title
- 기업가정신과 벤처연구
- Volume
- 18
- Number
- 3
- Start Page
- 87
- End Page
- 99
- URI
- https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/11831
- ISSN
- 1738-2599
- Abstract
- Capital market is imperfect in reality. All firms including both large corporations and small and medium enterprises (SMEs) are subject to financial constraints. Hence they hold cash or cashable assets that yield almost zero returns. Among others, precautionary motive or pecking order theory seem to be most appropriate for explaining SMEs’ cash holdings since cash holding has an insurance effect. In this study, we empirically show that ROE or ROA is higher for SMEs, when they hold more cash. From the results we can infer that SMEs can enjoy higher chance of protection of poor performance through the insurance effect of cash holdings.
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