Financial Constraints, Asset Tangibility, and Corporate Investment
利用资产抵押支持借贷的信用乘数，识别融资摩擦对企业投资的影响，发现投资-现金流敏感性随资产有形性增加而上升，但仅对融资受限企业成立。
Pledgeable assets support more borrowing, which allows for further investment in pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on corporate investment. The multiplier suggests that investment-cash flow sensitivities should be increasing in the tangibility of firms' assets (a proxy for pledgeability), but only if firms are financially constrained. Our empirical results confirm this theoretical prediction. Our approach is not subject to the Kaplan and Zingales (1997) critique, and sidesteps problems stemming from unobservable variation in investment opportunities. Thus, our results strongly suggest that financing frictions affect investment decisions. , Oxford University Press.