Вектор науки Тольяттинского государственного университета. Серия: Экономика и управление. 2013; : 69-74
ВЫБОР ОПТИМАЛЬНОЙ ИНВЕСТИЦИОННОЙ ПОЛИТИКИ КОМПАНИИ В УСЛОВИЯХ ФИНАНСОВЫХ ОГРАНИЧЕНИЙ
Аннотация
Статья посвящена исследованию финансовых ограничений, связанных с ограниченным доступом компаний к внешним источникам финансирования, а также поиску факторов финансовых ограничений. Сравниваются подходы авторов, тестирующие гипотезу о чрезмерной чувствительности инвестиций к денежному потоку компании, которая наблюдается при больших финансовых ограничениях.
Список литературы
1. Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity , 141-206.
2. Arslan, O., Florackis, C., & Ozkan, A. (2006). The role of cash holdings in reducing investment-cash flow sensitivity: evidence from a financial crisis period in an emerging market. Emerging market review 7 , 320-338.
3. Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics 112 , 169-215.
4. Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms. Journal of Banking&Finance 32 , 1795-1809.
5. D'Espallier, B., & López-Iturriaga, F. (2010). On the negative relation between investment-cash flow sensitivities and cash-cash flow sensitivities. Katholieke Universiteit LEUVEN. Faculty jf Business and Economics .
6. Cleary, S. (1999). The relationship between firm investment and financial status. The Journal of Finance (2) , 673-685.
7. Gomes, J. F. (2001). Financing investment. American Economic Review 91(5) , 1263-1285.
8. George, R., Kabir, R., & Qian, J. (2011). Investment-cash flow sensitivity and financial constraints: new evidence from Indian business qroup firms. Journal of Multinational Financial Management (21) , 69-88.
9. Beccetti, L., Castalli, A., & Hasan, I. (2008). Investment-cash flow sensitivities, credit rationing and financing conctraints. Bank of Finland Research (15) .
10. Hovakimian, G. (2006). Determinants of Investment Cash Flow Sensitivity. Financial Management Vol. 38, No. 2 , 357-374
Science Vector of Togliatti State University. Series: Economics and Management. 2013; : 69-74
OPTIMAL INVESTMENT POLICY OF THE COMPANY UNDER FINANCIAL CONSTRAINTS
Abstract
The article is devoted to the financial constraints related to limited access of companies to external sources of financing, as well as factors of financial constraints research. Approaches, which are testing the hypothesis of excessive sensitivity of investment to the company's cash flow, are compared, which is observed with great financial constraints.
References
1. Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity , 141-206.
2. Arslan, O., Florackis, C., & Ozkan, A. (2006). The role of cash holdings in reducing investment-cash flow sensitivity: evidence from a financial crisis period in an emerging market. Emerging market review 7 , 320-338.
3. Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics 112 , 169-215.
4. Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms. Journal of Banking&Finance 32 , 1795-1809.
5. D'Espallier, B., & López-Iturriaga, F. (2010). On the negative relation between investment-cash flow sensitivities and cash-cash flow sensitivities. Katholieke Universiteit LEUVEN. Faculty jf Business and Economics .
6. Cleary, S. (1999). The relationship between firm investment and financial status. The Journal of Finance (2) , 673-685.
7. Gomes, J. F. (2001). Financing investment. American Economic Review 91(5) , 1263-1285.
8. George, R., Kabir, R., & Qian, J. (2011). Investment-cash flow sensitivity and financial constraints: new evidence from Indian business qroup firms. Journal of Multinational Financial Management (21) , 69-88.
9. Beccetti, L., Castalli, A., & Hasan, I. (2008). Investment-cash flow sensitivities, credit rationing and financing conctraints. Bank of Finland Research (15) .
10. Hovakimian, G. (2006). Determinants of Investment Cash Flow Sensitivity. Financial Management Vol. 38, No. 2 , 357-374
