CORPORATE CASH HOLDINGS AND CREDIT LINE USAGE
研究了自1970年代以来企业流动性空前上升的驱动因素，发现流动性成本降低和风险增加是主因，且企业并非变得更谨慎，而是流动性需求迫使它们持有更多现金和使用更多信用额度。
We investigate the factors driving the unprecedented rise in corporate liquidities since the 1970s. We find that an economy‐wide reduction in the cost of holding liquidities and an increase in risk best explain the rise in cash holdings and the widespread use of credit lines. The structural estimation results shed light on two widely acknowledged motives for holding cash. The precautionary motive and the liquidity motive translate risk exposure into cash holdings. Our results, however, do not suggest that firms have become more prudent over time. It is higher liquidity needs that has forced firms to hold more cash and use more credit lines.