融资等约束与公司投资 fhp_88 简介与分析.docxVIP

PART 1. OutlineMM theory founded the benchmark in corporate finance that firms’ financing decision is irrelevant to the investment decision, which relies on the assumption that the market is efficient and frictionless. However, considering the reality of financial market, external financing doesn’t provide a perfect substitute for internal capital. In 1970s, Joseph E. Stiglitz first provedthe tax structure has an impact on firms’ financing structure andcame up with the concept of financial constraint. In 1988’s classic paper, Fazzari, Hubbard and Petersendiscussed extra costs of equity financing and debt which caused by capitalmarket imperfections, especially asymmetric information. Via studying the investment behavioursin groups of firms categorised by a ratio of dividends to income, authors attempted to create links between financing constraints and investment varies.Their results supported that the sensitivity of investment to cash flow is a reliable indicator of corporates’ financial constraints.FHP’s researches provided several important perspectives on the topic. Kaplan and Zingales’s research challenged FHP’s conclusion. Basically, their studyshows that high investment-cash flow sensitivity does not necessarily suggest firms are more financially constrained. Theoretically, even in a one-period model, examining the sensitivities of investment to W (internal funds) and to k(wedge between the internal and external costs of funds), authors could conclude that investment-cash flow sensitivity do not necessarily accord with the extent of financial constraints.Empirical evidence confirms the nonmonotonic relationship between these two factors.KZ analysed the 49 firms with abnormally high investment-cash flow sensitivity; by deeply exploring the fundamentals of sample firms (including operating efficiency, liquidity, financial statements and notes to annual reports for each fiscal-year), authors found that almost 40% of them were capable to increase investment in eve