Uncovering Financial Constraints
用随机森林模型仅基于财务变量分类企业融资约束，发现机构投资者持有股权型约束企业股份比例更低，而散户偏好此类企业，且高投资者情绪时期约束企业的股权发行和投资增加。
Abstract We use a random forest model to classify firms’ financial constraints using only financial variables. Our methodology expands the range of classified firms compared to text-based measures while maintaining similar levels of informativeness. We construct two versions of our constraint measures, one using many firm characteristics and the other using a small set of more primitive characteristics. Using our measures, we find that institutional investors hold a lower percentage of shares in equity-focused constrained firms, while retail investors show a preference for them. Equity issuance and investment of constrained firms also increases during periods of high investor sentiment.