The evolution of financial constraints
研究发现金融约束的严重程度随时间下降，原因包括外部融资渠道改善和投资机会减少；现金流的敏感性虽减弱，但对受约束企业仍关键，且经济冲击时小企业受影响更大。
Abstract We demonstrate that the severity of financial constraints has declined over time for two reasons: (i) improved access to external funds as evidenced by a decreased reliance on internal cash flows, and (ii) an inward shifting investment frontier with reduced investment opportunities. The decline in financial constraints coincides with the documented diminishing sensitivity of investment to cash flows, yet we show that cash flows remain a determining factor in helping constrained firms overcome restricted access to external capital. There is a flight‐to‐quality during economic shocks, where the adverse effects following periods of tightened credit are particularly pronounced for smaller firms, with larger firms appearing largely unaffected.