Why are companies are sitting on piles of cash but not spending it

Why are companies are sitting on piles of cash but not spending it? According to the FT and Deloitte In 2008, the non-financial members of the global S&P 1200 index - 975 of the world's biggest companies - had a total of $1.95tn in cash. But by the end of 2012, that level had jumped 62 per cent to $3.2tn as a result of companies hoarding cash following a banking crisis which shattered trust in sources of credit. A 30 per cent rise in the S&P 500 during 2013, recovering economies, rising business confidence and low funding costs should have laid the foundations for greater spending by companies... yet it didn't? Despite most of this excess cash sitting in a concentrated group of companies I think this could bode well for a big year of acquisitions and capex spending which will provide more tailwinds. (VIEW LINK)