Cash Reserves as a Hedge against Supply-Chain Risk
研究发现美国卡车运输业放松管制导致库存减少、供应链中断成本上升，这有助于解释企业现金持有量长期增长的趋势；面临更高中断成本的企业会从供应链管理创新释放的资金中留存更多现金，且中断后现金持有量显著下降，表明现金是中断期间的主要融资来源。
Deregulation of the trucking industry and significantly lowered transportation costs led to large, widespread, and plausibly exogenous reductions in inventory for U.S. firms, with consequent increased supply-chain disruption (SCD) costs. We find evidence that increased SCD costs help explain the puzzling long-term trend of increasing average U.S. firm cash holdings. We also find that firms facing higher expected costs of disruptions generally save more cash from capital freed up via supply-chain management innovations. Finally, we document significant postdisruption declines in cash holdings consistent with cash as a primary source of financing during disruptions.