Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
通过对比日本两类企业（与银行关系紧密和关系松散），发现信息与激励问题影响投资，关系松散的企业投资对流动性更敏感，凸显了金融中介的作用。
This paper presents evidence suggesting that information and incentive problems in the capital market affect investment. We come to this conclusion by examining two sets of Japanese firms. The first set has close financial ties to large Japanese banks that serve as their primary source of external finance and are likely to be well informed about the firm. The second set of firms has weaker links to a main bank and presumably faces greater problems raising capital. Investment is more sensitive to liquidity for the second set of firms than for the first set. The analysis also highlights the role of financial intermediaries in the investment process.