The Relationship between Firm Investment and Financial Status
发现高信用企业的投资对内部资金非常敏感，而低信用企业则不太敏感，基于大样本证据支持了Kaplan和Zingales（1997）的结论。
Firm investment decisions are shown to be directly related to financial factors. Investment decisions of firms with high creditworthiness (according to traditional financial ratios) are extremely sensitive to the availability of internal funds; less creditworthy firms are much less sensitive to internal fund availability. This large sample evidence is based on an objective sorting mechanism and supports the results of Kaplan and Zingales (1997), who also find that investment outlays of the least constrained firms are the most sensitive to internal cash flow.