Financial Constraints,Cash Holdings and Over-investment
研究了财务约束如何影响企业现金持有政策，并发现缺乏财务约束的企业更容易因现金过剩而过度投资，而财务约束可作为一种治理机制降低代理成本。
This paper examines the effects of financial constraints on firm's cash holdings,and the implication to future agency cost of free cash flow.By constructing the analysis framework of financial constraints,along with positive research,the author finds that financial constraints determine mostly firm's financial policies.Excess cash holdings would result in over-investment for the firm with the absence of financial constraints,this effect is stronger than the firm with financial constraints in which this relation is insignificant.In the country with poor investor protection,financial constraints can be used as the governance mechanism,and constraint the firm's financial policies and behavior so as to decrease the agency cost within firms.This paper develops further related researches on cash holdings,soft budget constraints and agency cost of free cash flow etc.