Financing Constraints and Inventory Investment: A Comparative Study with High-Frequency Panel Data
用季度高频企业面板数据比较了不同财务变量（覆盖率、现金存量、现金流）对存货投资周期的影响，发现现金流比现金存量或覆盖率更能解释存货投资在不同企业规模和行业中的波动。
This study provides new evidence of the importance of financing constraints for explaining the dramatic cycles in inventory investment. We compare the empirical performance of different financial variables (coverage ratio, cash stocks, and cash flow) used in previous research to test for the presence of financing constraints. The comparison is undertaken in a common framework with an identical sample and high-frequency (quarterly) firm panel data. Cash flow is much more successful than cash stocks or coverage in explaining the facts about inventory investment across firm size, different inventory cycles, and different manufacturing sectors. © 1998 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog