Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?
Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?
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DOI：
10.3386/w5267
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发表时间：
1995-09
期刊：
影响因子：
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通讯作者：
S. Kaplan;Luigi Zingales
中科院分区：
文献类型：
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作者：
S. Kaplan;Luigi Zingales
本文通过对 Fazzari、Hubbard 和 Petersen (1988) 认为具有异常高的投资现金流敏感性的 49 家低股息公司进行深入分析，探讨了公司现金流与投资之间相关性的来源。我们发现，只有 15% 的公司年中对公司获取内部或外部资金以增加投资的能力存在疑问。引人注目的是，那些财务状况似乎不太紧张的公司比财务状况更加紧张的公司表现出明显更高的投资现金流敏感性。我们发现整个样本期间、子期间和个别年份都存在这种模式。结果表明，较高的敏感性不能被解释为公司财务状况更为紧张的证据。我们讨论原因并提供证据来说明为什么相反的情况可能是正确的。这些发现对许多有关财务约束影响的现有证据提出了挑战。
This paper investigates the sources of the correlation between corporate cash flow and investment by undertaking an in-depth analysis of the 49 low-dividend firms identified by Fazzari, Hubbard, and Petersen (1988) as having an unusually high investment-cash flow sensitivity. We find that in only 15% of firm-years is there some question as to a firm's ability to access internal or external funds to increase investment. Strikingly, those firms that appear less financially constrained exhibit a significantly greater investment- cash flow sensitivity than firms that appear more financially constrained. We find this pattern for the entire sample period, for sub-periods, and for individual years. The results indicate that a higher sensitivity cannot be interpreted as evidence that a firm is more financially constrained. We discuss reasons and provide evidence why the opposite may be true. These findings challenge much of the existing evidence on the effects of financial constraints.