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gong si xian jin chi you yu xin yong feng xian guan xi de li lun fen xi ji yu nei sheng wai sheng xing xian jin zheng ce shi jiao
Author(s): 
Pages: 7-10
Year: Issue:  30
Journal: Finance and Accounting Monthly

Keyword:  现金持有信用风险信用利差违约概率;
Abstract: 一般认为持有较多现金的公司更安全,且其信用利差更低,然而一些公司的流动性与信用风险却表现出正相关关系,这该如何与"更多现金更安全"的经济学常理共存呢?本文认为可由现金持有的内外生性来解释这一现象。为了展示现金和信用利差之间的相关关系,本文首先设定基准模型,在其基础上考察内生性现金政策对信用风险的影响,接着进一步分析了现金的外生性变化对信用风险的作用,最后还揭示了流动资产和不同预测期的违约率之间的相关关系。
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