CONDITIONAL INVESTMENT-CASH FLOW SENSITIVITIES AND FINANCING CONSTRAINTS
研究了在外部融资成本高昂的调整成本框架下，投资对现金流的敏感性如何随融资约束程度单调递增，并利用模拟数据和结构方程验证了这一模式。
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment costs framework with costly external finance. We present a benchmark model in which this conditional investment–cash flow sensitivity increases monotonically with the cost premium for external finance, for firms in a financially constrained regime. Using simulated data, we show that this pattern is found in linear regressions that relate investment rates to measures of both cash flow and average q. We also derive a structural equation for investment from the first-order conditions of our model, and show that this can be estimated directly.