Which of the following factors can reduce liquidity for an enterprise?

Delays in receivables collection can significantly impact an enterprise's liquidity. Liquidity refers to the availability of cash or cash equivalents to meet short-term obligations. When a company has sluggish or prolonged collection processes for accounts receivable, it faces a scenario where cash is tied up in outstanding invoices rather than being available for immediate use. This can lead to situations where the business may struggle to pay its obligations, affecting operational efficiency and financial stability.

In contrast, increasing operational efficiency through optimized processes generally enhances liquidity by improving cash flow. Raising capital through equity can also bolster liquidity by providing additional cash resources. Maintaining a reserve of cash contributes positively to liquidity by ensuring that the business has readily available funds for unexpected expenses or opportunities. Thus, delays in collecting receivables are the primary factor in this context that reduces liquidity.