Refinancing Risk and Cash Holdings
研究发现企业通过增加现金持有和从现金流中储蓄来应对再融资风险，长期债务期限缩短解释了现金持有增加的大部分原因，且现金储备对面临再融资风险的企业价值更高。
ABSTRACT We find that firms mitigate refinancing risk by increasing their cash holdings and saving cash from cash flows. The maturity of firms’ long‐term debt has shortened markedly, and this shortening explains a large fraction of the increase in cash holdings over time. Consistent with the inference that cash reserves are particularly valuable for firms with refinancing risk, we document that the value of these reserves is higher for such firms and that they mitigate underinvestment problems. Our findings imply that refinancing risk is a key determinant of cash holdings and highlight the interdependence of a firm's financial policy decisions.