Investment, Cash Flow, and Sunk Costs
研究美国制造业数据，发现现金流与投资正相关，且该效应在耐用品行业和沉没成本高的行业更强，表明资产专用性会增加外部融资难度。
This paper's analysis of U.S. manufacturing industries confirms previous research showing that cash flow and investment spending are positively correlated, even after controlling for investment demand, and it makes two new points as well: firstly, that the effect of cash flow on investment is greater for durable goods industries than for nondurable goods industries and, secondly, that cash flow's effect is significantly larger in industries with high sunk costs than in those with low sunk costs. The latter finding suggests that external financing of capital investment is more difficult when the assets being financed are highly specific or are sunk. Copyright 1995 by Blackwell Publishing Ltd.