Who increase cash holdings and why?

2022 Fiscal Year Final Research Report

• Project/Area Number: 20K01781
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Kyoto University (2022); Ritsumeikan University (2020-2021)
• Principal Investigator: Yamada Kazuo 京都大学, 経営管理研究部, 准教授 (90633404)
• Project Period (FY): 2020-04-01 – 2023-03-31
• Keywords: 現金保有

Outline of Final Research Achievements

The purpose of this study is to verify the cash holdings of Japanese companies using a comprehensive dataset. In this study, a database including both public and private companies was utilized, and after conducting statistical analysesn.
We confirmed whether the observed increase in cash holdings during the target period was due to changes in the composition of companies or existing companies increasing their holdings. As a result, it was confirmed that approximately half of the increase in the cash holding ratio during the period was attributable to changes in the group of companies that constitute the economy.
In particular, there is an increasing trend among high-risk research and development companies and companies without tangible fixed assets, which face difficulties in obtaining loans. It was found that the cash holdings of these companies are increasing.

Free Research Field

コーポレートファイナンス

Academic Significance and Societal Importance of the Research Achievements

日本企業が現金保有を増加させる傾向にあることは様々な報道媒体でネガティブなトーンで主張されることが多い、しかし企業がなぜ現金保有を増加させているのかについて、企業レベルデータを用いて多角的に検証を行った研究はほとんど多くない。
本研究結果からは、日本企業の現金保有の一部（全てではない）は、事業リスクなどに応じて増加させていることが分かる。今後、現金保有について多面的かつ網羅的に検証をされることが求められる。