Why Does Liquidity Matter in Investment Equations?
利用加拿大独特制度特征识别信息问题严重的公司，通过多种计量模型证实融资约束的存在，并指出其根源在于企业难以向外部可信传递私有信息。
That liquidity variables affect investment spending is widely accepted. Despite important recent empirical work, questions remain concerning the interpretation of liquidity variables in investment equations and the sources and economic importance of finance constraints. These questions are addressed by estimating a variety of econometric models that exploit distinctive Canadian institutional features to identify firms that face relatively severe information problems. The initial econometric evidence confirms the existence of finance constraints, and identifies their source as the problems faced by firms in credibly communicating private information to outsiders. This conclusion is robust to biases from the capitalization of finance constraints into asset prices, scale economies, or imperfect competition, which are accounted for directly in the econometric specifications. Copyright 1995 by Ohio State University Press.