Investment Irreversibility and Finance Constraints
分析企业在投资不可逆和股利支付约束下的投资行为，利用英国企业面板数据发现Q模型在约束不紧时表现良好，而约束能解释现金流变量的实证显著性。
This paper analyses the investment behaviour of firms in the presence of irreversibility and of a dividend payout constraint. Estimation of investment equations for a panel of UK firms shows that the Q model performs well, over regions of the sample space, where neither constraint is likely to be binding. The constraints are able to account for the empirical significance of cash flow variables for the remaining firms in the sample.