Financial Structure, Acquisition Opportunities, and Firm Locations
研究了企业所在位置（是否位于产业集聚区）如何影响其收购行为和财务决策，发现集群内企业收购更多、负债更低、现金更多，对理解企业区位与财务政策的关系有帮助。
ABSTRACT This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms located within industry clusters make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outside clusters. We also document that firms in high‐tech cities and growing cities maintain more financial slack. Overall, the evidence suggests that growth opportunities influence firms' financial decisions.