| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6652 |
| 来源ID | Working Paper 6652 |
| Investment, Fundamentals and Finance | |
| Simon Gilchrist; Charles Himmelberg | |
| 发表日期 | 1998-07-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Financial variables such as cash flow and cash stocks are robust and quantitatively important explanatory variables for investment at the firm-level. A large body of recent empirical work attributes these findings to capital market imperfections. This interpretation is controversial, however, because even in the absence of capital market imperfections, such financial variables may appear as an explanatory variable for investment if they contain information about the expected marginal value of capital. In this paper, we show how structural models of investment with costly external finance can be used to identify and quantify the fundamental' versus the financial' determinants of investment. Our empirical results show that investment responds significantly to both fundamental and financial factors. Point estimates from our structural model imply that, for the average firm in our sample, financial factors raise the overall response of investment to an expansionary shock by 25%, relative to a baseline case where financial frictions are zero. Consistent with theory, small firms and firms without bond ratings show the strongest response to financial factors, while bond-rated firms show little if any response once we control for investment fundamentals. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w6652 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564164 |
| 推荐引用方式 GB/T 7714 | Simon Gilchrist,Charles Himmelberg. Investment, Fundamentals and Finance. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6652.pdf（1714KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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