Do Investment-Cashflow Sensitivities Provide Useful Measures of Financing Constraints?

摘要: This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing firms identified Fazzari, Hubbard, Petersen as having unusually high sensitivities. We find that appear less financially constrained exhibit significantly greater than more constrained. this pattern for entire sample period, subperiods, individual years. These results (and simple theoretical arguments) suggest higher cannot be interpreted evidence are findings call into question interpretation of most previous research uses methodology.