We show that firms collect almost 70% of their cash flows in the second half of the fiscal year, and that firms that collect more cash by year-end earn a 6.8% higher per annum risk premium and save more cash. We rationalize these facts in a quantitative investment-based asset pricing model. Immediate cash payments negatively affect profitability, but reduce equity financing costs by increasing information transparency. Financially constrained firms optimally collect more cash at year-end when firms’ performance attracts more attention and information transparency is more valuable. Such behavior further results in greater exposure to aggregate productivity and financial shocks.

中文翻译：

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财务约束、现金流时间模式和资产价格


我们发现，公司在本财年下半年收取了近 70% 的现金流，而到年底收取更多现金的公司每年的风险溢价会高出 6.8%，并节省更多现金。我们在基于量化投资的资产定价模型中合理化这些事实。立即现金支付会对盈利能力产生负面影响，但会通过提高信息透明度来降低股权融资成本。当公司业绩吸引更多关注并且信息透明度更有价值时，财务受限的公司最好在年底收集更多现金。这种行为进一步导致更大程度地受到总体生产力和金融冲击的影响。