THE CAPITAL BUDGETING BEHAVIOUR AND CORPORATE CHARACTERISTICS OF CAPITAL‐CONSTRAINED FIRMS
基于126家英国公司样本，研究资本约束企业的组织约束、企业特征及资本预算行为，发现规模、风险和盈利能力是关键特征，财务受限企业常采用简单方法解决资本配给问题。
This paper addresses (1) the nature and pervasiveness of organisational constraints, frnancial and otherwise, on investment, and (2) the corporate characteristics and capital budgeting behaviour of capital‐constrained firms for a sample of 126 UK companies. The results indicate that corporate size, risk and profitability are important corporate characteristics in this regard, and that financially‐constrained firms tend to adopt naive capital budgeting methods in resolving the capital rationing problem.