Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data
通过估计投资优化模型的欧拉方程，发现债务约束显著改善了模型拟合，且标准欧拉方程仅适用于财务健康企业，而对财务困境企业不成立，支持了债务市场中信息不对称影响企业投资的理论。
ABSTRACT This paper presents evidence supporting the theory that problems of asymmetric information in debt markets affect financially unhealthy firms' ability to obtain outside finance and, consequently, their allocation of real investment expenditure over time. I test this hypothesis by estimating the Euler equation of an optimizing model of investment. Including the effect of a debt constraint greatly improves the Euler equation's performance in comparison to the standard specification. When the sample is split on the basis of two measures of financial distress, the standard Euler equation fits well for the a priori unconstrained groups, but is rejected for the others.