Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales
研究财务约束对企业投资的影响，通过分析投资支出与自愿资产出售所得的关系，发现资产出售所得是投资的重要决定因素，且财务约束强的企业敏感性更高。
We examine the importance of financial constraints for firm investment by looking at the relationship between investment expenditures and proceeds from voluntary asset sales. Asset sales provide a cleaner indicator of liquidity than cash flows since it appears not to be positively correlated with investment opportunities. The cross-sectional differences in firm investment are examined using an endogenous switching regression model with unknown sample separation. We find that cash obtained from asset sales is a significant determinant of corporate investment and that the sensitivity of investment to proceeds from asset sales is significantly stronger for firms that are likely to be financially constrained.