دانلود مقاله ISI انگلیسی شماره 9573
عنوان فارسی مقاله

سرمایه گذاری ثابت,نقدینگی و دسترسی به بازارهای سرمایه: شواهد جدید

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
9573 2013 13 صفحه PDF سفارش دهید 15350 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Fixed investment, liquidity, and access to capital markets: New evidence
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Financial Analysis, Available online 12 January 2013

کلمات کلیدی
سرمایه گذاری ثابت - سیاست های تامین مالی
پیش نمایش مقاله
پیش نمایش مقاله سرمایه گذاری ثابت,نقدینگی و دسترسی به بازارهای سرمایه: شواهد جدید

چکیده انگلیسی

We re-evaluate the cash flow–investment relation from a new angle in a setting where the firm can access capital markets and faces different investment opportunity sets. Instead of replying on cash flow, we introduce other forms of finance to interact with investment. We find that financial variables enter significantly into the investment regressions at different timing. The cash flow effect reduces after the IPO and especially after the SEO, but remains positive for the firm with greater investment opportunities. Similar reductions in the long-term debt effect and especially in the working capital effect are also identified. The reductions are more pronounced in SMEs than in large firms. We draw the following conclusions. First, the cash flow–investment relation is not constant but evolves. Different forms of finance play concomitant roles covering cash flow shortfalls, jointly determining the dynamics of investment. Second, the investment–cash flow sensitivities do not constitute evidence of external financial constraints. Rather, the excess sensitivities are a response to the investment policy that is to drive asset growth or to maintain business operations. Essentially, growth opportunities are not in the cash flow terms but are embedded in the investment policy. Our study offers an alternative explanation for the investment–cash flow sensitivities.

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