Corporate Liquidity Management: A Conceptual Framework and Survey
本文构建了一个企业面临财务约束时确保未来投资效率的流动性管理框架，并以此综述了相关实证发现，还讨论了代理理论、流动性选择的实际影响以及2008-2009年金融危机对企业流动性管理的影响。
Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. However, although discussion of these issues goes back at least to Keynes (1936) , a substantial literature on the ways in which firms manage liquidity has developed only recently. We argue that many of the key issues in liquidity management can be understood through the lens of a framework in which firms face financial constraints and wish to ensure efficient investment in the future. We present such a model and use it to survey many of the empirical findings on liquidity management. In addition, we discuss agency-based theories of liquidity, the real effects of liquidity choices, and the impact of the 2008–2009 Financial Crisis on firms’ liquidity management.