Aggregate Risk and the Choice between Cash and Lines of Credit
研究发现，总风险较高的企业更倾向于持有现金而非使用银行信贷额度，因为银行对这类企业收取更高的信贷额度成本，同时银行在总波动加剧时风险上升，信贷额度发放减少、利差上升、期限缩短。
ABSTRACT Banks can create liquidity for firms by pooling their idiosyncratic risks. As a result, bank lines of credit to firms with greater aggregate risk should be costlier and such firms opt for cash in spite of the incurred liquidity premium. We find empirical support for this novel theoretical insight. Firms with higher beta have a higher ratio of cash to credit lines and face greater costs on their lines. In times of heightened aggregate volatility, banks exposed to undrawn credit lines become riskier; bank credit lines feature fewer initiations, higher spreads, and shorter maturity; and, firms’ cash reserves rise.