Investment Timing when External Financing is Costly
分析了面临流动性约束和资本市场摩擦两类融资约束的企业如何决定投资时机，发现流动性约束本身不足以解释自愿延迟投资，但加上融资成本后，可以解释投资的延迟和加速，且投资阈值在流动性资金上呈U形。
Abstract: This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U‐shaped in liquid funds. For high‐liquidity firms, investment thresholds are decreasing (i.e., accelerated investment takes place) in either dimension of financing constraint. In contrast, investment thresholds are increasing (i.e., investment is further delayed) in either form of financing constraint for low‐liquidity firms. For intermediate levels of liquidity, investment thresholds are U‐shaped in market frictions.