A Panel Analysis of Liquidity Constraints and Firm Investment
利用1971-1992年美国561家企业的面板数据，通过混合固定与随机系数模型，发现经济因素可将企业分为同质组，并评估金融约束对投资决策的影响。
Abstract The issue of financial constraints on company investment is revisited using the U.S. panel data of 561 firms from 1971–1992. A number of economically meaningful factors are discovered to partition firms into relatively homogeneous groups. A mixed fixed-and random-coefficients framework is then used to capture unobserved heterogeneity within groups. The prediction criterion is used to select the final specification and evaluate the importance of financial constraints on firm's investment decisions.