Reference points of corporate monetary policy

Abstract

The aim of the present work is an attempt to estimate the effect of financial flexibility on the amount of cash reserves with the influence of the hypothesis of precautionary motives, in other words, to get the answer -how do companies manage liquid resources in response to various obstacles (shocks in foreign markets) related to financing. For the evaluation of monetary policy it is introduced the indicator (internal growth of the company value), whereby it is possible to estimate the contribution of the management team in effective cash management. The model considered in this work is tested to define its adequacy and quality prediction.

Keywords

• денежная политика
• предупредительный мотив
• денежные авуары
• финансирование
• имущественное обеспечение
• инвестирование
• monetary policy
• precautionary motive
• cash holdings
• financing
• property mortgage
• investment