id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
ssh-522	Peng, Chenyang	Corporate Financing Constraints and Stock Price Crash Risk based on Overinvestment Perspective	2022	7	.pdf	application/pdf	3650	141	47	[15], and the KZ index tends to confuse financing constraints with financial distress, this paper draws on Whited and Wu, and Hadlock and Pierce's studies to adopt the WW index as a benchmark indicator for measuring the relative financing constraints of firms specifically, Whited and Wu measure the Euler equation through the generalized moments estimation method to obtain six explanatory factors of financing constraints, which are long-term debt level TLTD (long-term debt/total assets), cash flow ratio CF (net cash flow from operating activities/total assets*100%), the dummy variables DIVPOS (1 for listed companies paying cash dividends and 0 for the opposite), the natural logarithm of total assets LnTA, the growth rate of the firm's operating income (SG) and the growth rate of the firm's industry operating income (ISG) are calculated based on their given coefficients, and the larger the value, the higher the degree of financing constraint. [12] established a dynamic corporate investment decision model to construct financing constraint indicators and based on this, found that high financing constraint firms correspond to higher stock risk and return.	cache/ssh-522.pdf	txt/ssh-522.txt