• 한국경영과학회지
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• 제15권2호
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• pp.45-61
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• 1990

This study examines shareholder wealth effects in tender offers and attempts to explain abnormal return variations of bidding and target firms at announcement of takeovers using the free cash flow hypothesis of Jensen. On average, bidders with large free cash flows pay higher premia (apparently more than fair market value) to targets than do other bidders with no free cash flows. Thereby, these bidders experience negative wealth effects on announcement of tender offers. Cross-sectional regression analysis suggests that for the subsample of takeover bids where bidders have large free cash flows, the increase in the debt ratio resulting from takeover has a significant positive wealth effect for bidding firm shareholders, while it has no effect in other subsamples. The evidence is consistent with the free cash flow hypothesis.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.395-398
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• 2011

This paper introduces stochastic cash-flow modeling integrated with simulation based scheduling. The system makes use of CPM schedule data exported from commercial scheduling software, computes the best fit probability distribution functions (PDFs) of historical activity durations, assigns the PDFs identified to respective activities, simulates the schedule network, computes the deterministic and stochastic project cash-flows, plots the corresponding cash flow diagrams, and estimates the best fit PDFs of overdraft and net profit of a project. It analyzes the effect of different distributions of activity durations on the distribution of overdrafts and net profits, and improves reliability compared to deterministic cash flow analysis.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.99-106
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• 2020

CEOs Overconfidence can bring potentially risky early decisions to businesses, along with large enterprise free cash flow that can bring different investment decisions with CEOs Overconfidence. Especially in the context of Vietnamese enterprises, CEOs are often influenced by behavioral psychology about overconfidence in investment decisions (due to individual cultural characteristics as well as operating financial markets also depend on many factors outside the market). Therefore, the authors study the impact of overconfidence and cash flow on investment in Vietnamese to find the internal relationship between these three factors in the financial environment in Vietnam. With 480 companies listed on the Vietnam Stock Exchange from 2014 to 2018 (companies have continuous reports), the regression analysis results with panel data (FEM, GLS models, correction of robust and GMM dealing with endogenous problems) have shown Overconfidence has a positive impact on investment. At the same time, the results also indicated that enterprises with overconfident CEOs and large cash flows tend to invest less than enterprises with low cash flow. The results of this study have shown the behavioral behavior of CEOs in Vietnamese enterprises that exist under both prospect theory and effective market theory.

• 한국산학기술학회논문지
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• 제18권6호
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• pp.312-318
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• 2017

본 연구는 비영리법인 의료기관이 영업활동에서 자금부족으로 인한 경영위험 상황에 대비하기 위하여 재무적 측면에서의 현금흐름 관리방안을 제시하고자, 비영리법인인 25개 종합병원과 23개 병원을 대상으로 재무정보를 이용하여 현금흐름을 산출한 후, 재무적 측면에서 영업활동에 필요한 자금인 순운전자본과 경영활동에 의한 자금의 동태적 개념인 현금흐름 간의 관계를 분석하였다. 분석결과, 결산연도별 산출지표 중 종합병원은 73.3%에서, 병원은 83.3%에서 영업활동에 필요한 자금인 순운전자본이 확보되지 않았었다. 순운전자본에 영향을 미치는 현금흐름 종류는 종합병원에서는 현금유출 없는 비용과 차입금 변동, 병원에서는 현금유출 없는 비용과 현금유입 없는 수익 그리고 차입금 변동이었다. 그러나 재무적 측면에서 영업활동에 필요한 자금이 확보되지 않았던 경우에, 종합병원은 현금유출 없는 비용인 감가상각비 등이 높고, 현금유입 없는 수익인 준비금 및 충당금 등이 낮아, 금융자금의 차입을 증가하게 되어 영업활동에 필요한 자금인 순운전자본이 낮아지게 되어 재무적 측면의 경영위험 환경이 되었다는 것을 알 수 있었으며, 병원은 현금유출 없는 비용이 높고, 금융자금의 차입을 증가시킴으로 인하여 영업활동에 필요한 자금인 순운전자본이 낮아지게 되어 재무적 측면의 경영위험 환경이 되었다는 것을 알 수 있었다. 따라서 경영활동에 있어서 실질적인 현금흐름의 안정성을 위해서는 현금의 유출이 없는 비용의 산정과 이들의 운용 등에 대한 적정성과 타당성 등을 검토해 볼 필요성이 있을 것이며, 현금흐름을 고려하여 체계적이고 합리적으로 자금관리를 하기 위한 적절한 내부정책방안의 검토가 필요할 것으로 사료된다.

• 한국산학기술학회논문지
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• 제14권2호
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• pp.674-680
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• 2013

본 연구는 유동성 제약이 가족기업과 비가족기업의 투자 지출에 어떠한 영향을 미치는지에 대해 실증분석 하였다. 가족기업은 위험회피성향이 크고 기업의 성과와 명성을 중시하여 대리인 비용이 적을 것으로 예상되어 현금흐름이나 유동성 제약이 투자에 미치는 영향이 작을 것으로 기대 되었다. 유동성 제약이 기업 투자지출에 가족기업과 비가족기업이라는 지배구조 형태 별로 어떻게 달리 영향을 미치는가를 분석하기 위하여, 644 개의 한국거래소 상장기업에 대하여 2000년부터 2010년 까지 기업 재무 테이터를 사용하여 시계열 횡단면 회귀분석을 실시하였다. 분석결과, 가족기업에서 현금흐름변수는 투자지출에 영향을 미치지 못한 반면, 비가족기업에서는 현금흐름 변수가 매우 민감하게 양의 영향을 주고 있는 것으로 나타났다. 현금흐름이 감소하여 유동성 제약에 직면하면 대리인 문제가 큰 비가족기업의 경우 투자는 크게 감소하나, 대리인 문제가 크지 않은 가족기업에서는 투자지출이 유동성 제약에 영향을 받지 않는다는 것을 시사한다. 이러한 연구로부터의 의의는 현금흐름에 대한 투자의 민감도가 기업의 유동성 제약 여부를 나타내는 유용한 지표가 될 수 있다는 점이다.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2001년도 학술대회지
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• pp.353-358
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• 2001

외환위기 이후 주택건설업체의 유동성확보가 중요한 이슈로 부각되고 있다. 이는 정확한 현금흐름 예측을 전제로 하고 있으나, 현재까지는 기업금융이 보편화되어 있어서 현금흐름 예측관리 시스템이 발달하지 못한 실정이다. 정확한 현금흐름 예측을 위해서는 사업성 검토시에 고려하는 손익변화 예측중심의 현금흐름에 보다 실제적인 현금흐름의 특성을 적용한 모델이 필요하다. 본 논문에서는 이러한 문제를 해결하기 위해서 사업성 검토시 고려되는 현금흐름에 분양계약자의 선납 및 연체와 연관된 분양대금 납부패턴을 분석해 현금수입 예측의 기초 모델을 제시하고, 선납과 연체로 인한 최종 현금손실을 분석해 그 모델에 적용하였다. 또한 현금지출의 정확한 예측을 위해서 사업성 검토 시 사용되는 공사비 예상 지출액을 공정율 기준에서 원가투입율 기준으로 변경하고, 공사대금의 어음지급 비율 및 기간의 변동에 따른 현금지출 변화를 보여주는 현금지출 모델을 제시하였다. 본 ·논문에서 제시하는 모델로 기존보다 현실성 높은 현금흐름 예측이 가능할 것으로 기대되며, 자금조달 시점과 자금집행 시점을 보다 정확히 파악할 수 있어 자금집행의 효율성을 높이는 기반을 제공할 것으로 기대된다.

• 유통과학연구
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• 제13권3호
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• 제어로봇시스템학회논문지
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• 제11권11호
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• pp.956-962
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• 2005

This paper presents an integrated analysis of production and financing decisions. We assume that a cash storage unit is installed to manage the cash flows related with production activities such as raw material procurement, process operating setup, Inventory holding cost and finished product sales. Temporarily financial investments are allowed for more profit. The production plant is modeled by the Batch-Storage Network with Recycle Streams in Yi and Reklaitis (2003). The objective function of the optimization is minimizing the opportunity costs of annualized capital investment and cash/material inventory while maximizing stockholder's benefit. No depletion of all the material and cash storage units is major constraints of the optimization. A novel production and inventory analysis formulation, the PSW(Periodic Square Wave) model, provides useful expressions for the upper/lower bounds and average level of the cash and material inventory holdups. The expressions for the Kuhn-Tucker conditions of the optimization problem can be reduced to two subproblems and analytical lot sizing equations under a mild assumption about the cash flow pattern of stockholder's dividend. The first subproblem is a separable concave minimization network flow problem whose solution yields the average material flow rates through the networks. The second subproblem determines the decisions about financial Investment. Finally, production and financial transaction lot sizes and startup times can be determined by analytical expressions as far as the average flow rates are calculated. The optimal production lot and storage sizes considering financial factors are smaller than those without such consideration. An illustrative example is presented to demonstrate the results obtainable using this approach.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.141-144
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• 2013

This paper presents a system called a Cash-flow based Construction Schedule Optimization system(CfSO). The existing CPM effectively handles schedule and cost management. However, funding strategy should be considered to obtain maximum profit and to progress a project favorably. One of measures is to coordinate the contract terms between owner and subcontractors (or suppliers). Contractor may decrease the interest cost attributed to project financing by adjusting the timing of cash-inflows and cash-outflows. It is an excellent method maximizing profits. This paper presents a method to estimate the amount of a cash-flow occurred periodically by integrating the terms of contract into scheduling. The proposed method is implemented as a system prototype in Microsoft Excel. This system provides a user an automated tool that identifies an optimal schedule that secures maximum profit by adjusting start and finish times of non-critical activities' free-floats without affecting on the project completion time. This system supports a project manager to establish an optimum project schedule and identifies profitable contractual conditions against to a construction owner.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.135-147
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• 2022

This study was conducted to determine whether there is a significant relationship between board structure and board committee qualities and corporate cash holdings in Pakistan. For this objective, 168 listed enterprises on the PSX for the period 2016 to 2020 were chosen as a sample from a population of 436 non-financial firms. Multiple regression analysis was used in the study to discover a relationship between board structure and board committee features and cash holdings. The study's findings revealed that board size, executive directors, and board independence have no significant impact on the firm's cash holding because they play no important part in the firm's cash holding. Auditors, audit committee size, audit committee meetings, and the compensation committee, on the other hand, have no major impact on the firm's cash holdings because they are not relevant indicators to compare with cash holdings. While board meeting frequency and leadership structure both have a negative influence on cash holding, board meeting frequency increases firm costs, whereas leadership structure causes agency problems. Results were supported by the pecking order theory, cash flow theory, and agency theory.