The Cash Flow Sensitivity of Cash
构建企业流动性需求模型，提出融资约束企业会从现金流中储蓄现金（现金的现金流敏感性为正），而非约束企业则无此规律，并用1971-2000年制造业企业数据验证了该理论。
ABSTRACT We model a firm's demand for liquidity to develop a new test of the effect of financial constraints on corporate policies. The effect of financial constraints is captured by the firm's propensity to save cash out of cash flows (the cash flow sensitivity of cash ). We hypothesize that constrained firms should have a positive cash flow sensitivity of cash, while unconstrained firms' cash savings should not be systematically related to cash flows. We empirically estimate the cash flow sensitivity of cash using a large sample of manufacturing firms over the 1971 to 2000 period and find robust support for our theory.