Financing Constraints and Liquidity Management
研究了融资约束对上市公司流动性管理的静态和动态影响，发现受约束企业应持有更多流动性资产并实施更有效的流动性政策，且其现金-现金流敏感性和目标现金持有调整速度更高。
The paper investigates both the static and dynamic effects of financing constraint on the liquidity management of the listed firms.Theoretical analysis shows that,the value of multi-period investment option increases with the liquidity reserves when the firm faces financing constraints,which imply that the firms with financing constraints should maintain higher liquidity assets and implement more effective liquidity policy.The empirical results confirm above predictions.The authors also find that,(1)The financing constraints firms show stronger cash-cash flow sensitivity,as they would reserve more cash or cash equivalents from cash flow for the preventive or speculative motives.(2)The financing constraints firms are more active and cautious in managing liquidity assets,as their adjusting speed to the target cash holding is much higher than that of non-financing constraints firm.