This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact approximately as predicted by the internal-versus-external funding regimes in Myers and Majluf (1984). Leverage is quite volatile when cash ratios are stable and vice-versa, while net-debt ratios are almost always volatile. Most firms increase leverage sharply as cash balances (internal funds) become scarce. Capital structure models that extend Hennessy and Whited (2005) to include cash-balance dynamics explain some, but not all, aspects of the observed relation between cash squeezes and leverage increases.

中文翻译：

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杠杆和现金动态

本文记录了现金余额和杠杆动态之间新的和经验上重要的相互作用。现金比率通常在很长一段时间内变化很大，其动态与资本结构的动态非常相似（并与之互补）。正如 Myers 和 Majluf (1984) 中的内部与外部融资机制所预测的那样，杠杆和现金动态的相互作用大致相同。当现金比率稳定时，杠杆非常不稳定，反之亦然，而净债务比率几乎总是不稳定的。随着现金余额（内部资金）变得稀缺，大多数公司都会大幅提高杠杆率。将 Hennessy 和 Whited (2005) 扩展到包括现金余额动态的资本结构模型解释了观察到的现金紧缩和杠杆增加之间关系的一些方面，但不是全部。