The Determinants of Corporate Liquidity: Theory and Evidence
构建模型解释企业为何持有流动性资产，发现外部融资成本、现金流波动和投资机会增加会提高最优流动性，而资产收益差则降低流动性，并用美国工业企业数据验证了模型。
We model the firm's decision to invest in liquid assets when external financing is costly. The optimal amount of liquidity is determined by a tradeoff between the low return earned on liquid assets and the benefit of minimizing the need for costly external financing. The model predicts that the optimal investment in liquidity is increasing in the cost of external financing, the variance of future cash flows, and the return on future investment opportunities, while it is decreasing in the return differential between the firm's physical assets and liquid assets. Empirical tests on a large panel of U.S. industrial firms support the model's predictions.