期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2008
卷号：1
出版社：European Central Bank
摘要：This paper analyses the impact that rms nancial position has on investment decisions using panel data from a large sample of non- nancial corporations (around 120,000 rms) in six euro area countries (Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that nancial position is important to explain capital expenditures, as nancial pressure appears relevant in explaining investment dynamics when it is proxied by cash ow, indebtedness and debt burden. The results also show di¤erences in the sensitivity of investment rates to changes in nancial pressure across countries, which appears to be especially large in the Netherlands and Italy and relatively small in Germany
