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La Tesoreria En La Empresa Y Sus Determinantes


  • Pedro J. García Teruel

    () (Universidad de Murcia)

  • Pedro Martínez Solano

    (Universidad de Murcia)


This paper analyzes the determinants of the corporate cash holding for a sampleof companies listed in the Spanish stock market. The results show that the firms have acorporate cash holding target level, and that this level is greater in companies withgreater cash flows. On the other hand, cash holding is negatively related to size, growthoptions, leverage, bank debt and liquid assets. Finally, the ownership structure alsoseems to affect the cash holdings. Este trabajo analiza los factores explicativos de la tesorería para una muestra de empresas cotizadas en el mercado continuo español. Los resultados obtenidos revelan que las empresas poseen un nivel de tesorería objetivo al que pretenden converger, y que dicho nivel es mayor en las sociedades con mayores flujos de caja. Por el contrario, el nivel de efectivo se ve reducido con el tamaño, con las oportunidades de crecimiento, con el nivel de endeudamiento, con el uso de deuda bancaria y con la liquidez de la empresa. Además, la estructura de propiedad también parece influir sobre los niveles de efectivo.

Suggested Citation

  • Pedro J. García Teruel & Pedro Martínez Solano, 2003. "La Tesoreria En La Empresa Y Sus Determinantes," Working Papers. Serie EC 2003-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2003-19

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