This paper studies the impact of monetary shocks on corporate cash holdings before the 2008 financial crisis. We find evidence supporting the credit channel theory that industrial firms increase cash holdings when monetary policy is unexpectedly tightened. The impact is more pronounced for financially constrained, high managerial compensation incentives, domestic firms, and during recession. Furthermore, we examine the structural increase in cash holdings in the 2000s, we find that industrial firms continuously increase cash holdings when monetary policy is persistently and unexpectedly tightened, which overweighs the reversal effect of monetary policy.

中文翻译：

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公司现金持有量和货币冲击：信贷渠道理论的检验

本文研究了货币冲击对2008年金融危机之前公司现金持有量的影响。我们发现支持信贷渠道理论的证据，即货币政策意外收紧时，工业公司会增加现金持有量。对于财政拮据，高额的管理人员薪酬激励措施，国内公司以及经济衰退期间，这种影响更为明显。此外，我们考察了2000年代现金持有量的结构性增长，发现当货币政策持续且出人意料地收紧时，工业公司会不断增加现金持有量，这超过了货币政策的逆转效果。