Why Did the Investment–Cash Flow Sensitivity Decline over Time?
研究解释了企业投资为何曾对现金流敏感，以及这种敏感性随时间下降的原因：新经济企业有形资本生产率降低、现金流可预测性减弱，导致平均敏感性下降。
Abstract We propose an explanation for why corporate investment used to be sensitive to cash flow and why the sensitivity declined over time. The sensitivity stems from the informational role of cash flow in inferring the productivity of tangible capital in the old economy. Over time, however, more new-economy firms enter the market. These firms have reduced tangible capital productivity and reduced cash-flow predictability, which drives the decline in the average investment–cash flow sensitivity. Theoretical and empirical analyses support this explanation.