The relationship between firm investment and financial status
The relationship between firm investment and financial status
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DOI：
10.1111/0022-1082.00121
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发表时间：
1999-04-01
影响因子：
8
通讯作者：
Cleary, S
中科院分区：
文献类型：
--
作者：
Cleary, S
公司的投资决策被证明是直接相关的财务因素。高信誉的公司（根据传统的财务比率）的投资决策是非常敏感的内部资金的可用性;信用较低的公司是不太敏感的内部资金的可用性。这一大样本证据是基于客观的排序机制，并支持Kaplan和Zingales（1997）的结果，他们还发现，约束最少的公司的投资支出对内部现金流最敏感。
Firm investment decisions are shown to be directly related to financial factors. Investment decisions of firms with high creditworthiness (according to traditional financial ratios) are extremely sensitive to the availability of internal funds; less creditworthy firms are much less sensitive to internal fund availability. This large sample evidence is based on an objective sorting mechanism and supports the results of Kaplan and Zingales (1997), who also find that investment outlays of the least constrained firms are the most sensitive to internal cash flow.