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金融摩擦的存在使公司必须保持金融灵活性以应对未预期到的冲击,在金融政策中有效地流动性管理能够为公司提供这种灵活性,现金作为具流动性的资产是减少融资约束最为有效的工具。在公司现金管理政策的决定中,充分考虑融资约束以减少这种约束对公司未来的束缚是至关重要的。
The existence of financial frictions has made it necessary for companies to maintain financial flexibility to deal with unexpected shocks. Effective liquidity management in financial policies can provide such flexibility to companies. Cash as a liquid asset is the most effective way to reduce financing constraints. Tool of. In deciding on a company’s cash management policy, it is crucial to take full account of the financing constraints to reduce the constraints on the company’s future.