We examine the effect of the firm’s information environment on its liquidity policy by exploiting a natural experiment involving Regulation Fair Disclosure (Regulation FD). We find, on average, Regulation FD has a negative impact on firm cash holdings. We also directly evaluate changes in firm disclosure policy and find the negative Regulation FD-cash holdings relation is stronger for firms that increased public disclosure and holds largely for firms that faced lower proprietary costs of public disclosure. Furthermore, we find this negative relation is more pronounced for firms with limited access to the credit market. We capture the medium-term effect of Regulation FD two years before and two years after the implementation. Overall, our results suggest that the change in the amount of information disclosed in response to Regulation FD, an externality effect, affects information asymmetry between firms and outside investors and thus cash holdings.

我们通过利用涉及法规公平披露（FD法规）的自然实验，研究了公司信息环境对其流动性政策的影响。我们发现，平均而言，FD法规对公司的现金持有量有负面影响。我们还直接评估了公司披露政策的变化，发现对于增加公开披露的公司而言，负监管FD现金持有量关系更强，而对于面临较低公开披露专有成本的公司而言，FD现金持有量负相关性更大。此外，我们发现这种负面关系对于进入信贷市场机会有限的公司更为明显。我们在实施前两年和实施后两年捕捉FD法规的中期影响。总体而言，我们的结果表明，根据FD法规披露的信息量发生了变化，