An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints
推导了财务约束公司的估值、最优投资和最优支付的解析解，分析了投资对平均q和现金流回归的系数含义，发现现金流系数不能单独反映财务约束影响，也反映了持续盈利能力的部分作用。
Abstract We derive analytic solutions for the valuation, optimal investment, and optimal payout of a financially constrained firm. While marginal $q$ and average $q$ would be identically equal in the absence of financial constraints, they differ when financial constraints bind. We use analytic solutions to characterize the properties of regressions of investment on average $q$ and cash flow. The coefficient on cash flow is positive, but does not isolate the impact of the financial constraint, since it also partially reflects the impact of persistent profitability. The coefficient on average $q$ understates the impact of persistent profitability.