Investment Lag, Financially Constraints and Company Value—Evidence from China

Investment Lag, Financially Constraints and Company Value—Evidence from China We develop a valuation model of companies under financing constraints and investment time lags. Moreover, we investigate the specific time lag effect of investment on company value through Panel-VAR models using data from 622 companies listed on the Shanghai and Shenzhen stock exchanges in China from 2011–2019. The impact of cash flow and debt financing cost on company value is also dissected. The results indicate a o...