Inventory Behavior and Financial Constraints: Theory and Evidence
研究了财务约束和产能约束如何影响企业应对成本和需求冲击时的库存调整，发现受约束企业在有利冲击后库存积累较慢但后续会积累过剩库存，并在不利冲击时更激进地消耗库存。
We model the interaction of financial constraints, capacity constraints, and the response of production and inventory to cost and demand shocks. The model predicts that in response to favorable shocks, financially constrained firms are unable to build inventory as rapidly as are unconstrained firms. However, because the favorable shocks gradually ease the financial constraints, constrained firms continue to build inventory and eventually carry surplus inventory (relative to unconstrained firms) to unfavorable states. This allows them to deplete inventory more aggressively in response to unfavorable shocks. Our empirical evidence provides broad support for the model’s predictions.Received September 3, 2016; editorial decision January 11, 2018 by Editor David Denis. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.