Mali kısıtlar, maddi sermaye ve firma yatırımları: Rus imalat firmaları için durum analizi

The purpose of this study is to identify the channels through which financial constraints affect corporate investment. For this purpose, I use a unique firm-level sample of Russian manufacturing firms for the period 2008--2016. Unlike other studies focusing on publicly listed large companies, this highly heterogeneous sample enables me to investigate the role of collateral (as proxied by asset tangibility) on investment decisions by exploiting the bank-dominant nature of Russian credit markets. I find that the risk premium of individual firms which can be interpreted as an indirect measure of degree of firms' collateral constraints is negatively related to asset tangibility, and positively related to firm leverage. To capture this finding, I firstly formulate a model of optimal firm investment with costly debt finance, and secondly I test the implications of this model by estimating the structural Euler equation. The results are consistent with the pioneering paper by Almeida and Campello (2007) who, in contrast with earlier findings of Fazzari, Hubbard and Petersen (1988) with respect to excess sensitivity of investment to cash flow, argue that firm investment should be less sensitive to cash flow after controlling for asset tangibility.