Title：Precautionary Savings with Risky Assets: When Cash Is Not Cash（JF2016）

Abstract：U.S. industrial firms invest heavily in noncash, risky financial assets such as corporate debt, equity, and mortgage-backed securities. Risky assets represent 40% of firms’ financial portfolios, or 6% of total book assets. We present a formal model to assess the optimality of this behavior. Consistent with the model, risky assets are concentrated in financially unconstrained firms holding large financial portfolios, are held by poorly governed firms, and are discounted by 13% to 22% compared to safe assets. We conclude that this activity represents an unregulated asset management industry of more than $1.5 trillion, questioning the traditional boundaries of nonfinancial firms.

摘要：美國工業(yè)企業(yè)大量投資于非現(xiàn)金的高風(fēng)險金融資產(chǎn)，如公司債務(wù)、股權(quán)和抵押貸款支持的證券。風(fēng)險資產(chǎn)占公司金融投資組合的40%，或賬面總資產(chǎn)的6%。我們提出了一個正式的模型來評估這種行為的最優(yōu)性。與該模型一致，風(fēng)險資產(chǎn)集中在財務(wù)不受約束的公司，持有大量的金融組合，由治理不善的公司持有，與安全資產(chǎn)相比，風(fēng)險資產(chǎn)的折價率為13%至22%。我們的結(jié)論是，這種活動代表了一個超過1.5萬億美元的不受監(jiān)管的資產(chǎn)管理行業(yè)，對非金融公司的傳統(tǒng)界限提出了質(zhì)疑。

直接翻譯自DeepL，推薦視頻詳見：https://www.bilibili.com/video/BV1CG4y1t7RD