CAJ | 학술논문

流动性作为企业的活力所在，是保证企业经营活动正常运行的必要条件。本文运用非对称信息的外部融资框架，在标准固定投资模型基础上引入了增长前景这一要素，通过理论建模探讨了增长前景对企业流动性风险管理的影响。理论研究与数值模拟均表明：有利的增长前景能够降低企业融资难度、增加深化投资临界值，进而提高企业应对流动性冲击的能力；相较于在流动性冲击出现后进行再融资的策略而言，企业在事先储备充足的流动性以应对流动性风险是占优策略。
류동성작위기업적활력소재，시보증기업경영활동정상운행적필요조건。본문운용비대칭신식적외부융자광가，재표준고정투자모형기출상인입료증장전경저일요소，통과이론건모탐토료증장전경대기업류동성풍험관리적영향。이론연구여수치모의균표명：유리적증장전경능구강저기업융자난도、증가심화투자림계치，진이제고기업응대류동성충격적능력；상교우재류동성충격출현후진행재융자적책략이언，기업재사선저비충족적류동성이응대류동성풍험시점우책략。
As the vitality of enterprises,liquidity is necessary to ensure the normal operation of enterprises. Based on the external financing analysis framework under asymmetric information,this paper analyzes the influ-ence of growth prospects on liquidity risk management with fixed investment model.Both of the theory and nu-merical calculations show that profitable growth prospects could reduce financing difficulty and increase thresh-old of reinvestment,thus improving the ability to face liquidity shocks.In order to cope with the liquidity risk, it is better for the entrepreneurs to hoard enough liquidity in advance rather than refinance after the emergence of liquidity shocks.