By WILL KENTON

Reviewed by ANDY SMITH

Fact checked by YARILET PEREZ

编写人：WILL KENTON

审核人：ANDY SMITH

事实核查人：YARILET PEREZ

What Is Unrestricted Cash?

什么是非限制性现金？

Unrestricted cash refers to cash that is readily available to be spent for any purpose and has not been pledged as collateral for a debt obligation or other purpose.

非限制性现金是指随时可用于任何目的且未作为债务或其他目的抵押物的现金。

Often, to satisfy debt covenants, companies must maintain a certain level of cash on their balance sheets in case the company defaults or goes into nonpayment of their credit obligations.

通常来说，为履行债务契约，公司必须在其资产负债表上维持一定水平的现金，以防公司违约或无力偿还信用债务。

The remaining cash that exceeds the covenant requirements is referred to as unrestricted cash. Unrestricted cash is a part of an organization's liquid funds, meaning it's easily accessible. Unrestricted cash is important since it shows how much cash a company has to meet its short-term bills and credit obligations.

超出契约要求的现金称为非限制性现金。非限制性现金可随时获得，是公司流动资金的组成部分。非限制性现金代表的是公司可用于支付其短期票据和偿还信用债务的现金数额，因此非常重要。

KEY TAKEAWAYS

关键要点

·Unrestricted cash is cash that's readily available to be spent for any purpose and has not been pledged as collateral for a debt obligation or other purpose.

非限制性现金是指随时可用于任何目的且未作为债务或其他目的抵押物的现金。

·Sometimes, cash might be restricted if the money is required to be held aside to secure a bank loan or credit facility.

有时，如果需要通过预留现金获得银行贷款或信用贷款，则现金可能会受到限制。

·Unrestricted cash is listed as a current asset on the balance sheet since it can be used to satisfy its short-term obligations or current liabilities.

非限制性现金可以用于偿还短期债务或流动负债，在资产负债表上作为流动资产列示。

Understanding Unrestricted Cash

了解非限制性现金

Unrestricted cash is listed on a company's balance sheet. However, it is typically listed as cash and cash equivalents. Unrestricted cash or cash and cash equivalents represent the money that an organization can spend today, meaning the money is readily available—or liquid. Unrestricted cash is considered a current asset on the balance sheet since it can be readily accessed and spent in the short term.

非限制性现金在公司资产负债表上列报，通常作为现金及现金等价物列示。非限制性现金或现金及现金等价物代表公司目前可以支配的资金，这些资金可随时使用或具有流动性。由于非限制性现金能够在短期内随时获取和使用，在资产负债表上作为流动资产列示。

Liquidity is critical to companies since having enough cash available can help a company meet its short-term debt obligations and pay its vendors and suppliers. These short-term debt obligations and bills that are due within 90 days are called current liabilities. Unrestricted cash helps companies ensure that they have enough current assets to cover their current liabilities, called working capital.

流动性对于公司而言至关重要，拥有足够的可用现金能够帮助公司偿还短期债务以及向供应商支付货款。这些在90天内到期的短期债务和票据称为流动负债。非限制性现金可以帮助公司确保拥有足够的流动资产来偿还流动负债，即营运资金。

Cash and cash equivalents include the following liquid assets:

现金及现金等价物包括下列流动资产：

·Currency notes, coins, and all cash being held in a bank account, such as a demand deposit account or a savings account.

纸币、硬币及银行账户（活期存款账户或储蓄账户）持有的所有现金。

·Cash equivalents are short-term investments that can easily be converted into cash. For example, a certificate of deposit might be considered a cash equivalent.

现金等价物是指可以轻松转换为现金的短期投资。比如，存款单可能会被视为现金等价物。

·Some marketable securities, such as U.S. Treasury bills, might be considered cash equivalents if they can be easily liquidated and have a maturity date of 90 days or less.

某些有价证券（比如，美国短期国库券）易于变现且在90天内（包括90天）到期的，可能会被视为现金等价物。

When companies report their financial statements, unrestricted cash must be listed in the cash and cash equivalents line item of a company's balance sheet.

公司编制财务报表时，非限制性现金必须在其资产负债表的现金及现金等价物项目中列示。

Unrestricted Cash vs. Restricted Cash

非限制性现金与限制性现金

Restricted cash is cash held by a company that is not readily available to be spent or used by the company. Cash might be restricted if the money is required to be held aside to secure a bank loan or credit facility.

限制性现金是指公司持有的现金中不易为公司支出或使用的现金。如果需要通过预留现金获得银行贷款或信用贷款，则现金可能会受到限制。

Sometimes financial institutions impose credit covenants, which include requirements and restrictions. The cash pledged as collateral for a loan helps protect the bank in the event the company goes bankrupt or defaults on the loan.

有时，金融机构会强制要求签订信贷契约，对要求和限制作出相应规定。现金作为贷款抵押物，能够在公司破产或拖欠贷款时对银行起到一定的保护作用。

Restricted cash is typically listed as a separate line item on the balance sheet. The description or details explaining why the cash is restricted is usually found in the notes section of a company's financial statements.

限制性现金通常在资产负债表作为单独项目进行列示。有关现金受到限制的描述或详情，通常可参阅公司财务报表中的附注部分。

If the restricted cash is for a short-term pledge, meaning it's due to expire in less than one year, the line item would be located under current assets. However, if the restricted cash must be held for more than one year, it would be listed under long-term assets—called noncurrent assets. Conversely, unrestricted cash is listed as a current asset and can be used for any purpose since it has not been pledged to secure an obligation.

如果限制性现金用于短期质押，即该等现金将于一年内到期，则在流动资产项下列示。但是，如果限制性现金必须持有一年以上，则在长期资产（即非流动资产）项下列示。与此相反的是，非限制性现金由于未被用于担保任何债务，作为流动资产列示，可以用于任何目的。

Example of Unrestricted Cash

非限制性现金示例

For example, XYZ Corporation manufactures machinery and borrowed $1 million from the local bank. The bank required a debt covenant in which XYZ must hold $400,000 in cash on hand at all times.

比如，XYZ公司是一家机械制造公司，向当地银行贷款100万美元，且银行要求签订一份债务契约，规定XYZ公司必须始终持有400,000美元现金。

Below is a portion of the balance sheet for XYZ corporation.

下面是XYZ公司资产负债表的部分内容。

·The $400,000 in cash specified by the debt covenant is listed as restricted cash.

债务契约规定的400,000美元现金列为限制性现金。

·Cash & cash equivalents total $650,000, which is unrestricted and can be used for any purpose.

现金及现金等价物共计650,000美元，列为非限制性现金，可用于任何目的。

Despite $400,000 being held as restricted cash, XYZ has more than enough unrestricted cash to cover the $300,000 in accounts payable (money owed to suppliers) and $100,000 in short-term debt obligations.

尽管400,000美元属于限制性现金，XYZ公司的非限制性现金仍很充足，可用于支付300,000美元的应付账款（欠付供应商的款项），并偿还100,000美元的短期债务。

Balance Sheet Example of Unrestricted and Restricted Cash

资产负债表中有关非限制性现金和限制性现金的示例

Balance Sheet Portion   

资产负债表部分

Current Assets

Cash & Cash Equivalents $650,000

Restricted Cash $400,000

Inventory $200,000

Accounts Receivable $50,000

流动资产

现金及现金等价物 $650,000

限制性现金 $400,000

存货 $200,000

应收账款 $50,000

Current Liabilities

Accounts Payable $300,000

Short-term Debt $100,000

流动负债

应付账款 $300,000

短期债务 $100,000