Financial Development and Financing Constraints: International Evidence from the Structural Investment Model
通过结构投资模型，利用企业流动性资产衡量融资约束，发现金融发展通过减少融资约束促进投资效率，且低金融发展国家的资本成本变化幅度是平均水平国家的两倍。
This article provides evidence that financial development impacts growth by reducing financing constraints that would otherwise distort efficient allocation of investment. The financing constraints are inferred from the investment Euler equation by assuming that the firm's stochastic discount factor is a function of the firm's financial position (specifically, the stock of liquid assets). The magnitude of the changes in the cost of capital is twice as large in a country with a low level of financial development as in a country with an average level of financial development. The size effect, business cycles, and legal environment effects are also considered. Copyright 2003, Oxford University Press.