Cash-Flow Sensitivities and the Allocation of Internal Cash Flow
研究了企业如何分配现金流，通过将现金流分解为暂时性和永久性成分，发现财务约束更强的企业更多地将暂时性现金流用于现金储蓄而非投资，以缓冲未来财务约束。
We study how firms allocate cash flow by estimating the cash-flow sensitivities of various uses of cash flow. We decompose cash flow into a transitory and a permanent component and focus on the allocation of the transitory component, which by construction contains little information about future growth opportunities. We find that more financially constrained firms allocate more transitory cash flow to cash savings and direct less toward investment than do less constrained firms, consistent with constrained firms accumulating liquidity to buffer against future financial constraints. We also illustrate several methodological advantages of our approach over alternative methods in previous studies.