We construct a novel panel data set to provide new evidence on how the largest nonfinancial firms manage their financial assets. Our granular data show that, over the past decade, bond portfolios have grown to be at least as large as cash-like instruments, driven by the meteoric rise of corporate bond holdings. To shed light on the drivers of this growth, we conduct a pair of event studies around the 2017 tax reform and the 2020 liquidity crisis. We find that large holdings of marketable securities are primarily driven by cross-border tax incentives, while cash-like instruments are driven by liquidity motives. (JEL G32, G35, G11, E440)

中文翻译：

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企业巨头的节省


我们构建了一个新颖的面板数据集，为最大的非金融公司如何管理其金融资产提供新证据。我们的详细数据显示，在过去十年中，在公司债券持有量迅速增加的推动下，债券投资组合的规模至少与现金类工具一样大。为了揭示这一增长的驱动因素，我们围绕 2017 年税收改革和 2020 年流动性危机进行了两项事件研究。我们发现，大量持有有价证券主要是由跨境税收优惠驱动的，而现金类工具则是由流动性动机驱动的。 （捷尔 G32、G35、G11、E440）