I conjecture that a firm's sensitivity to industry shocks escalates its need to retain a cash buffer. Consistent with this conjecture, I find that a 1 SD increase in a firm's industry risk exposure increases cash holdings by 10%. In fact, industry risk has a greater effect on corporate cash holdings than does economywide and idiosyncratic risk in my sample. The effect of industry risk exposure on corporate cash holdings is greater for firms in highly competitive industries, as well as for firms with high leverage, a greater fraction of short-term debt, and few tangible assets.

中文翻译：

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企业现金持有量和行业风险

我推测，一家公司对行业冲击的敏感性加剧了其保留现金缓冲的需要。与这个猜想一致，我发现公司的行业风险敞口每增加1 个标准差，现金持有量就会增加 10%。事实上，在我的样本中，行业风险对企业现金持有量的影响比整体经济风险和特殊风险更大。对于竞争激烈的行业中的公司以及杠杆率较高、短期债务比例较高且有形资产较少的公司来说，行业风险敞口对公司现金持有量的影响更大。