Macro Shocks and Industrial Portfolio Responses: An Econometric Model for LDCs
利用乌拉圭企业面板数据，建立动态模型分析企业资产负债表结构与净资产增长，发现净收入对财务成本和产出需求敏感，企业主要通过调整资产而非债务应对短期净资产波动，汇率快速变化会显著影响企业杠杆和流动性。
A dynamic model of corporate balance sheet structures and net worth growth is fit to firm-level panel data from Uruguay. Basic findings are: (1) net income is very sensitive to financial costs and demand for output; (2) there is a direct proportionality between net income and net worth expansion; (3) firms absorb most short-run fluctuations in net worth via adjustments in assets, not debts; and (4) the interest elasticity of corporate demand for peso debt is very small. Inter alia, these results imply that rapid changes in the exchange rate have large effects on corporate sector leverage and liquidity. Copyright 1988 by MIT Press.