Національний університет “Острозька академія”, Острог, Україна
У статті досліджується вплив зв’язків між фірмами і банками на запаси готівки корпорацій із використанням вибірки з більш як 4 000 українських компаній за період із 2008-го до 2015 року. Емпіричні докази свідчать, що тривалість співробітництва та наявність численних зв’язків із банками впливають на запаси готівки корпорацій. Зокрема, триваліші відносини клієнта з головним банком спочатку дають змогу компанії знизити потребу в акумуляції готівкових резервів, але з розвитком відносин вплив головного банку на клієнта посилюється, тому компанія змушена утримувати більші запаси готівки. Ми також помітили, що компанії, які додатково залучають банки для обслуговування, зберігають більше готівки, тоді як жорсткіша конкуренція між банками дає змогу фірмам скоротити обсяги готівкових резервів. Крім того, ми задокументували, що зв’язки між фірмами і банками сприяють вирішенню фірмами агентських конфліктів та подекуди зменшують фінансові обмеження фірми.
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