In this paper, we explore the relation between the banking sector's risk-taking and a firm's investment (“corporate investment”). Specifically, we ask whether firms' cash holdings moderate the effect of the banking sector's risk-taking on corporate investment. Based on a panel sample of publicly listed non-financial firms in 15 EU countries during the period 1990–2015, we document several key findings. First, both cash holdings and the banking sector's risk-taking are positively associated with corporate investment. Second, bank loan growth, which roughly captures the supply of bank credit, is not related to corporate investment. Third, firms with smaller cash holdings disproportionately invest more than do firms with larger cash holdings during periods of higher risk-taking by the banking sector.

在本文中，我们探讨了银行业的冒险行为与企业投资（“企业投资”）之间的关系。具体而言，我们询问企业的现金持有量是否缓和了银行业冒险行为对企业投资的影响。根据1990年至2015年期间15个欧盟国家的公开上市非金融公司的样本，我们记录了一些关键发现。首先，现金持有量和银行部门的冒险行为与公司投资呈正相关。其次，银行贷款的增长与公司投资无关，粗略地抓住了银行信贷的供给。第三，在银行部门承担较高风险的时期，现金持有量较小的公司比现金持有量较大的公司投资更多。