Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints
作者:S. N. Kaplan、L. Zingales
DOI:10.1162/003355300554782
日期:2000.5.1
Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard, and Petersen [this Journal] criticize those findings. In this note we explain how the Fazzari et al. criticisms are either very supportive of the claims in earlier work by Kaplan and Zingales or incorrect. We conclude with a discussion of unanswered questions.
Kaplan 和 Zingales 的研究提供了理论论据和经验证据,表明投资-现金流敏感性并不是融资约束的良好指标。Fazzari、Hubbard 和 Petersen [本刊] 对这些发现提出了批评。在本说明中,我们将解释 Fazzari 等人的批评是如何支持了 Kaplan 和 Zingales 早期研究的观点,或者是如何不正确的。最后,我们将讨论一些悬而未决的问题。