How Do Financing Constraints Affect Firms’ Equity Volatility?
研究发现，融资约束较少、更容易获取增长期权的研发密集型企业，其股权波动性反而更高；通过分析有形资产（房地产）价值冲击对股权波动的影响，验证了这一机制。
ABSTRACT Theory suggests that financing frictions can have significant implications for equity volatility by shaping firms’ exposure to economic risks. This paper provides evidence that an important determinant of higher equity volatility among research and development (R&D)‐intensive firms is fewer financing constraints on firms’ ability to access growth options. I provide evidence for this effect by studying how persistent shocks to the value of firms’ tangible assets (real estate) affect their subsequent equity volatility. The analysis addresses concerns about the identification of these balance sheet effects and shows that these effects are consistent with broader patterns on the equity volatility of R&D‐intensive firms.