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①式中Iit为第i家企业在第t期的投资;Kit为第i家企业在第t期的资本存量;ai为截距项;qit为第i家企业在第t期的托宾q;CFit为第i家企业在第t期的现金流量;iεt为误差项。

②Hubbard(1998)对相关研究进行了详细的综述,参见Hubbard,R G.Capital-market imperfections and investment[J].Journal of Eco-nomic Literature,1998,36(1):193-225。

③Hadlock(1998)论证了在不对称信息和自由现金流问题下管理者持股与投资—现金流敏感性之间非线性关系的对立表现。但是,他通过检验发现,美国企业的投资—现金流敏感性随着管理者持股的增加而先增后减,与不对称信息引起的融资约束问题相一致。

④Hayashi(1982)给出的充分条件是:完全竞争的产品和要素市场;线性齐次的生产和调整成本函数;资本的齐次性;投资决策与包括融资决策在内的企业其他决策无关。

⑤以FHP模型为基础的大部分投资—现金流敏感性研究实际上还只停留在相对静态的框架中。