那提西银行全球-经济理论-公司在现金流生成方面做了什么？-20180517-8页_645kb

Flash Economics Summary

Core Content

This document examines how companies in the United States, the euro zone, and Japan have utilized their increased cash flow generation over the past two decades. It highlights the discrepancy between the substantial rise in corporate cash flow and the limited use of this cash flow for investment or wage growth, suggesting inefficiencies in corporate financial strategies.

Main Questions

The document addresses two key questions:

1. Are companies generating too much cash, for which they may not have a use?

   • This raises the concern that the increase in cash flow may not be translating into meaningful economic benefits.

2. What have companies done with the cash flow they have generated?

   • The answer to this question determines whether the cash flow is being used efficiently.

Key Findings

1. Corporate Debt Reduction

• Japan has seen a reduction in corporate debt.
• The United States and euro zone have not significantly deleveraged.

2. Investment Trends

• Investment has not increased in any of the three regions.
• Self-financing rates have risen above 100% in all regions, indicating that companies are using more cash flow than they are generating for investment.

3. Shareholder Remuneration

• Only the United States has seen an increase in shareholder remuneration, which includes dividends and share buybacks.
• The euro zone and Japan have not significantly increased shareholder payouts.

4. Financing of Acquisitions

• Companies in all three regions have used cash flow to finance acquisitions.
• This is evidenced by an increase in the number of outstanding shares held by companies.

5. Accumulation of Cash Reserves

• The euro zone and Japan have seen a correlation between increased cash flow and higher cash reserves.
• In the United States, the trend is also present, though the focus seems to be more on acquisitions and shareholder remuneration.

Summary Table

Main Viewpoints

• Cash flow generation has not been efficiently utilized by companies in these regions.
• The primary use of increased cash flow has been financing acquisitions and building up cash reserves.
• Investment has not increased, and wage growth has not kept pace with cash flow generation.
• Shareholder remuneration has only increased in the United States, which may indicate a focus on returning value to investors rather than reinvesting in the business.

Key Information

• The analysis is based on data from non-financial corporations.
• Chart 1 illustrates the strong increase in corporate cash flow since the 2000s.
• Chart 4A, B, and C show that self-financing rates have risen above 100%, indicating that companies are using more cash flow than they generate for investment.
• Charts 5A, B, and C highlight that shareholder remuneration has only increased in the United States.
• Charts 6A, B, and C indicate that acquisitions have been financed using increased cash flow in all three regions.
• Charts 7A, B, and C show that cash reserves have increased in the euro zone and Japan, and also in the United States.

Conclusion

From a normative perspective, it would have been more beneficial for companies to boost investment, reduce corporate debt if necessary, and avoid excessive shareholder remuneration and cash reserve accumulation. However, the observed trend has been the financing of acquisitions and building up of cash reserves, which may not be the most effective use of corporate cash flow.