The Interdependent and Intertemporal Nature of Financial Decisions: An Application to Cash Flow Sensitivities
构建了一个动态多方程模型，将企业的融资与投资决策视为联合决策，并受现金来源等于使用的约束。研究发现，静态模型会导致估计不一致，而忽视决策变量相互依赖的模型则效率低下且可能误导。应用该模型分析企业是否受资本市场约束，结论是企业在现金流短缺时通过借贷维持投资，而非减少投资。
ABSTRACT We develop a dynamic multiequation model where firms make financing and investment decisions jointly subject to the constraint that sources must equal uses of cash. We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior. We use our model to examine whether firms are constrained from accessing capital markets. Unlike static single‐equation studies that find firms underinvest given cash flow shortfalls, we conclude that firms maintain investment by borrowing.