Investment, Uncertainty, and Liquidity
分析面临内生融资约束的企业的动态投资决策，发现未来资金短缺的威胁会降低企业时机选择的价值，促使投资加速超过最优水平，并指出高流动性企业的投资对现金流更敏感，不确定性对投资的影响不明确。
Abstract We analyze the dynamic investment decision of a firm subject to an endogenous financing constraint. The threat of future funding shortfalls lowers the value of the firm's timing options and encourages acceleration of investment beyond the first‐best optimal level. As well as highlighting another way by which capital market frictions can distort investment behavior, this result implies that (1) the sensitivity of investment to cash flow can be greatest for high‐liquidity firms and (2) greater uncertainty has an ambiguous effect on investment.