Tóm tắt:

Tài liệu tham khảo:

1. Allen, F., Qian, J., & Qian, M. (2005). Law, finance and economic growth in China. Journal of Financial Economics, 77(1), 57–116.
2. Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. Journal of Finance, 59(4), 1777–1804.
3. Andrew B. A., & Janice C. E. (2011). How Q and Cash Flow Affect Investment without Frictions: An Analytic Explanation. The Review of Economic Studies, 78(4), 1179–1200
4. Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of econometrics, 68(1), 29-51.
5. Bates, T. W. (2005). Asset sales, investment opportunities, and the use of proceeds. Journal of Finance, 60, 105–135.
6. Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash Than They Used To? Journal of Finance, 64(5), 1985-2021.
7. Baum, C. F., Caglayan, M., Stephan, A., & Talavera, O. (2008). Uncertainty determinants of corporate liquidity. Econ. Model, 25(5), 833–849.
8. Baumol, W. J. (1952). The Transactions Demand for Cash: An Inventory Theoretic Approach. Quarterly Journal of Economics, 66, 545-556.
9. Bernanke, B.S., & Gertler, M., (1995). Inside the black box: the credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27–48.
10. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143.
11. Bond, S., & Meghir, C. (1994). Dynamic investment models and the firm's financial policy. Review of Economic Studies, 61(2), 197–222.
12. Brandt, L., & Li, H. (2003). Bank discrimination in transition economies: Ideology, information, or incentives? Journal of Comparative Economics, 31(3), 387–413.
13. Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R & D smoothing. Journal of Corporate Finance, 17(3), 694–709.
14. Chang, X., Tan, T. J., Wong, G., & Zhang, H. (2007). Effects of financial constraints on corporate policies in Australia. Accounting and Finance, 47, 85–108.
15. Chatelain J. B., & Tiomo A. (2003). Investment and the Cost of Capital in the Nineties in France: A Panel Data Investigation. IFO Studien, 48(4), 655-684.
16. Chen, K., Waggoner, D. F., Higgins, P. C., & Zha, T. (2016). China pro-growth monetary policy and its asymmetric transmission (NBER working paper no. 22650). Cambridge, MA: National Bureau of Economic Research, Inc.
17. Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259–271.
18. Cong, L. W., & Ponticelli, J. (2017). Credit allocation under economic stimulus: Evidence from China. Working paper.
19. Cook, D. O., & Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16(1), 73–87.
20. Elkinawy, S., & Stater, M. (2007). Cash Holdings and Firm Value during Latin American Financial Crises. Paper presented at the FMA Annual Meeting Program.
21. Gertler, M., & Gilchrist, S., (1994). Monetary policy, business cycles, and the behavior of small manufacturing firms. Quarterly Journal of Economics, 109(2), 309–340.
22. Getzmann, A., Lang, S., & Spremann, K. (2010). Determinants of the Target Capital Structure and Adjustment Speed - Evidence from Asian Capital Markets. European Financial Management, 1-41.
23. Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13, 43–57.
24. Haushalter, D., Klasa, S., & Maxwell, W. (2007). The influence of product market dynamics on the firm’s cash holdings and hedging behavior. Journal of Financial Economics, 84, 797–825.
25. Hoang Thi Thuy, Duong Thi Nhan, & Chen MiaoJian (2019). Cash Holdings and Investment Levels: An Empirical Study from Listed Companies on Viet Nam’s Stock Exchange. International Journal of Business and Management, 14(3).
26. Huang, Y. S., Song, F. M., & Wang, Y. (2012). Monetary policy and corporate investment: evidence from Chinese micro. China World Econ, 20(5), 1–20.
27. Jangili, R., & Kumar, S. (2010). Determinants of Private Corporate Sector Investment in India. Reserve Bank of India Occasional Papers, 31(3), 67-89.
28. Jeenas, P. (2018). Firm balance sheet liquidity, monetary policy shocks, and investment dynamics. Working paper.
29. Jensen, M. (1986). Agency costs of the free cash flow, corporate finance and takeovers. American Economic Review, 76, 323–329.
30. Kaplan, S., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112(1), 169–215.
31. Kashyap, A. K., & Stein, J. C. (1993). Monetary policy and bank lending. American Economic Review, 83(11), 2077–2092.
32. Kashyap, A. K., Lamont, O. A., & Stein, J. C. (1994). Credit conditions and the cyclical behavior of inventories. The Quarterly Journal of Economics, 109 (3), 565–592.
33. Keynes, J. M. (1936). General Theory of Employment, Interest and Money. Macmillan, London.
34. Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial and Quantitative Analysis, 41 (4), 787-807.
35. Lamont, O., Polk, C., & Saá-Requejo, J. (2001). Financial Constraints and Stock Returns. Review of Financial Studies, 14(2), 529-554.
36. Li, B., & Liu, Q. (2017). On the choice of monetary policy rules for china: A bayesian DSGE approach. China Economic Review, 44, 166–185.
37. Li, Z. J., & Wang, S. P. (2011). Monetary policy, information disclosure quality and corporate debt financing. Account. Res, 10, 56–63.
38. Luo, M., & Nie, W. Z. (2012). Fiscal policy, monetary policy and dynamic adjustment of corporate capital structure: empirical evidence based on listed firms in China. Econ. Sci, 5, 18–32.
39. Ma, W. C., & Hu, S. Y. (2012). Monetary policy, credit channel and capital structure. Account. Res, (11), 39–48.
40. McCallum, B. T. (2000). Alternative monetary policy rules: A comparison with historical settings for the United States, the United Kingdom, and Japan (NBER working paper no. 7725). Cambridge, MA: National Bureau of Economic Research, Inc.
41. Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261–297
42. Morck, R., Yavuz, M. D., & Yeung, B. (2013). State-controlled banks and the effectiveness of monetary policy (NBER working paper no. 19004). Cambridge, MA: National Bureau of Economic Research, Inc.
43. Ogundipe, L. O., Ogundipe, S. E., & Ajao, S. K. (2012). Cash holding and firm characteristics: Evidence from Nigerian Emerging Market. Journal of Business Economics, 1(2), 45-58.
44. Oliner, S. D., & Rudebusch, G. D. (1996), Is There a Broad Credit Channel for Monetary Po licy? FRBSF Economic Review, Number 1
45. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of cash holdings. Journal of Financial Economics, 52, 3-46.
46. Riddick, L., & T. Whited (2009). The corporate propensity to save. Journal of Finance, 64, 1729–1766.
47. Ruiz-Porras, A. & Lopez-Mateo (2011). Corporate governance, market competition and investment decisions in Mexican manufacturing firms. MPRA Paper 28452. University Library of Munich, Germany.
48. Su, D. W., & Zeng, H. J. (2009). Macroeconomic conditions and corporate capital structure: evidence from publicly-listed firms in China during 1994 and 2007. Econ. Res. J.44, (12), 52–65.
49. Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51.
50. Yalcin, C., Bougheas, S., & Mizen, P. (2004). The Impact of Firm-Specific Characteristics on the Response to Monetary Policy Actions. Central Bank Review.
51. Yang, X., Han, L., Li, W., Yin, X., & Lin, T. (2017). Monetary policy, cash holding and corporate investment: Evidence from China. China Economic Review, 46, 110–122.
52. Zhang, D., Tong Z., & Li, Y. (2020). The role of cash holding towards cleaner production in China’s manufacturing sectors: A financial constraint perspective. Journal of Cleaner Production, Volume 245.
53. Zulkhibri, M. (2013). Corporate investment behaviour and monetary policy: Evidence from firm-level data for Malaysia. Global Economic Review, 42 (3), 269-290.

Abstract: