We investigate what determines variation in the composition of the financial assets that constitute corporate cash reserves and how this variation relates to other key liquidity management practices. The degree to which a firm invests its cash reserves in less liquid, longer-maturity financial assets that earn a higher yield is explained by financial constraints, the ability to accurately forecast short-term liquidity needs, and the firm's likelihood of defaulting on its debt. During years when a firm's cash reserves are required to fund increases in investment or operating expenses the firm transfers funds from less liquid to more liquid financial assets. A firm's decisions relating to the composition of its cash reserves interacts with other key liquidity management practices, such as relying on credit lines for liquidity, extending trade credit or using it as a source of financing, and holding large amounts of inventories. Our findings provide insights on an important component of corporate liquidity management decisions.

我们调查是什么因素决定了构成公司现金储备的金融资产构成的变化，以及这种变化与其他关键流动性管理惯例之间的关系。公司将其现金储备投资于可赚取更高收益的流动性较低，期限较长的金融资产的程度由财务约束，准确预测短期流动性需求的能力以及公司违约的可能性来解释。在需要公司的现金储备来为投资或运营费用的增加提供资金的年份中，公司将资金从流动性较低的金融资产转移到流动性较高的金融资产。公司关于现金储备构成的决策与其他重要的流动性管理惯例（例如，依靠信贷额度来获得流动性，扩大贸易信贷或将其用作融资来源，并持有大量库存。我们的发现为企业流动性管理决策的重要组成部分提供了见解。