Dynamic Investment Models and the Firm's Financial Policy
利用英国公司面板数据，基于财务层级理论检验内部资金可得性对投资敏感性的影响，通过估计含债务和金融资产的动态投资模型，为理解企业融资与投资关系提供实证证据。
In this paper we investigate the sensitivity of investment to the availability of internal funds using the hierarchy of finance approach to corporate finance. We characterize the empirical implications of this approach for dynamic investment models and test these implications using firm-level data. The model we estimate is based on the Euler equation for optimal capital accumulation in the presence of convex adjustment costs. The theoretical model explicitly allows for debt finance and financial assets. The empirical investigation uses U.K. company panel data to estimate dynamic investment models using GMM and tests the derived implications.