Corporate demand for cash is related to a number of firm-specific characteristics, like the presence of transaction costs, information asymmetry in credit markets, uncertainty and risk aversion. The purpose of this paper is to build a dynamic model that describes the potential chaotic effects of the accumulation of cash by firms over a prolonged period of time. By exploring the theoretical connections between firm financial policies and investment decisions, we show that too much liquidity might generate economic instability. When firm increases the share of cash devoted to risky investment, and reduces the share of cash distributed to shareholders as dividends, the fixed point of the system changes from being stable to being unstable. Moreover, the impact of such a policy on the stability of the system is larger the greater the investment risk. The chaotic behavior is mainly observable in the dynamics of cash, which in turn may affect all investment decisions.

公司对现金的需求与许多公司特定的特征有关，例如交易成本的存在，信贷市场中的信息不对称，不确定性和风险规避。本文的目的是建立一个动态模型，该模型描述企业在长期内积累现金的潜在混沌效应。通过探索公司财务政策与投资决策之间的理论联系，我们发现流动性过多可能会导致经济不稳定。当企业增加用于风险投资的现金份额，并减少作为股息分配给股东的现金份额时，系统的固定点将从稳定变为不稳定。而且，投资风险越大，这种政策对系统稳定性的影响就越大。