Investment-cash flow sensitivities are not valid measures of financing constraints

被引：354

作者：

Kaplan, SN ^{[1
]}

Zingales, L ^{[1
]}

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

QUARTERLY JOURNAL OF ECONOMICS | 2000年 / 115卷 / 02期

关键词：

D O I：

10.1162/003355300554782

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：707 / 712

页数：6

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