摘要：We empirically examine how corporate cash holdings relate to debt structure, that is, the fraction of bond financing. We find that firms save 20 cents from $1 of bond financing, but do not save from loan financing. Compared to bond financing, loan financing is more associated with building non-cash current assets and physical investments. In the cross-section, we find that the relation between cash holdings and bond financing is U-shaped. That is, firms that do not use bond financing or those that are entirely bond-financed exhibit the highest cash holdings. The differential in cash holdings due to heterogeneity in bond financing is substantial and amounts to 20% of assets. We present a model of liquidity management with financial constraints to rationalize these patterns.