This paper examines how the impairment of main banks’ balance sheets affects corporate cash-holding behavior during the 2008 financial crisis using a firm–bank matched panel dataset of 2,520 firms in Japan. The major findings of this paper are as follows. First, the impairment of main banks increases firms’ cash holdings during this financial crisis. Second, this tendency is more pronounced among firms with limited financing sources and those with unstable main bank relationships. Third, holding large amounts of cash increases the value of firms with main bank impairment during the 2008 financial crisis.

中文翻译：

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全球金融危机期间主要银行减值和企业现金持有量

本文使用日本 2,520 家企业的企业-银行匹配面板数据集，研究了 2008 年金融危机期间主要银行资产负债表减值如何影响企业现金持有行为。本文的主要发现如下。首先，在这次金融危机期间，主要银行的减值增加了企业的现金持有量。其次，这种趋势在融资来源有限和主要银行关系不稳定的企业中更为明显。第三，持有大量现金会增加2008年金融危机期间主要银行减值的公司的价值。