Financing Frictions and the Substitution between Internal and External Funds
研究发现内部资金对外部融资需求的负向影响主要集中在融资成本低的企业（如大公司、高分红、有评级），而融资受限的企业（如小公司、低分红、无评级）外部融资对内部资金不敏感，表明融资摩擦改变了资金间的替代关系。
Abstract Ample evidence points to a negative relation between internal funds (profitability) and the demand for external funds (debt issuance). This relation has been interpreted as evidence supporting the pecking order theory. We show, however, that the negative effect of internal funds on the demand for external financing is concentrated among firms that are least likely to face high external financing costs (firms that distribute large amounts of dividends, that are large, and whose debt is rated). For firms on the other end of the spectrum (low payout, small, and unrated), external financing is insensitive to internal funds. These cross-firm differences hold separately for debt and equity, and they are magnified in the aftermath of macroeconomic movements that tighten financing constraints. We argue that the greater complementarity between internal funds and external financing for constrained firms is a consequence of the interdependence of their financing and investment decisions.