Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms
通过构建受约束和不受约束两种模型，解释了为何现有文献对融资约束如何影响企业投资对现金流的敏感性存在矛盾结论，并利用股利支付水平识别约束条件来调和实证分歧。
ABSTRACT From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms' investment to their cash flow. I propose an explanation that reconciles the conflicting empirical evidence. I present two models: the unconstrained model, in which firms can raise external funds, and the constrained model, in which firms cannot do so. Using low dividends to identify financing constraints in my generated panel of data produces results consistent with those of Fazzari, Hubbard, and Petersen; using the constrained model produces results consistent with those of Kaplan and Zingales.