A Stochastic Frontier Analysis of Financing Constraints on Investment
用随机前沿方法将融资约束建模为投资偏离无摩擦水平的单侧偏差，利用台湾制造业面板数据估计发现，常用排序标准与约束程度关系不单调，且金融自由化提升了投资效率，小企业改善更明显。
is shown that investment under financing constraints can be modeled as a one-sided deviation from a frictionless investment level, and that effects of financing constraints can be identified and quantified by imposing a distributional assumption on the effects. Panel data on Taiwanese manufacturing firms between 1989 and 1996 are used in the estimation. It is found that (1) some of the sorting criteria used in the literature do not have significant and monotonic relationships with the degrees of financing constraint, resulting in problematic sample separations, and (2) the effects of financial liberalization in Taiwan are such that the investment efficiency improved over time for a typical firm, and the improvement was particularly large for smaller firms.