Asset Redeployability and Corporate Liquidity
研究发现，拥有可重新部署资产的企业现金持有量更少，转而更多使用信贷额度，因为这类资产降低了信贷额度的溢价，尤其对融资成本高的企业。
ABSTRACT This article documents reduced cash holdings for firms with redeployable assets. This finding holds for instrumental variables and matched sample analyses. Additional evidence suggests that firms with redeployable assets shift from cash holdings to credit lines, presumably because the nature of these assets reduces the premium of credit lines as a form of liquidity insurance, especially for firms that face high external financing costs. Banks provide these firms with borrower‐friendly ex ante contract terms and protect themselves from ex post risk shifting via the increased use of asset sweeps. The evidence highlights the interplay between the liquidity of short‐ and long‐term assets.