Employment, Corporate Investment, and Cash-Flow Risk
研究发现现金流不确定性上升会显著减少企业有形投资、无形投资和就业增长，且经济衰退期影响更强，提示政策应着力降低企业现金流不确定性。
We highlight the role of cash-flow uncertainty on corporate employment and investment. We find that a 1% increase in cash-flow uncertainty leads to a 0.62% decrease in tangible investment, a 1.39% decrease in intangible investment, and a 3.67% decrease in corporate employment growth. Our results are statistically and economically significant. We further find that these relationships are stronger during economic recessions. Our findings have significant policy implications. To wit, if policy makers would like corporations to increase their employment and investment, they should focus on policies that decrease corporate cash-flow uncertainty.