This paper explores the connection between rising intangible capital and the secular upward trend in U.S. corporate cash holdings. We calibrate a dynamic model with two productive assets—tangible and intangible capital—in which only tangible capital can serve as collateral. We highlight the following points: (i) a shift toward intangible capital shrinks firms' debt capacity and leads them to hold more cash, (ii) the effect accounts for three-quarters of the observed trend in average cash ratios, and (iii) it also accounts for the upward trend of cash ratios in the cross-section of small and large firms and in the aggregate.

中文翻译：

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无形资本上升、债务能力萎缩和美国企业储蓄过剩

本文探讨了无形资本上升与美国企业现金持有量长期上升趋势之间的联系。我们用两种生产性资产——有形资本和无形资本——校准了一个动态模型，其中只有有形资本可以作为抵押品。我们强调以下几点：(i) 向无形资本的转变会减少公司的债务能力并导致他们持有更多现金，(ii) 这种影响占观察到的平均现金比率趋势的四分之三，以及 (iii)它还解释了小型和大型公司横截面以及总体现金比率的上升趋势。