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| 中国上市公司融资约束指数设计与评价 | |
| 引用本文： | 况学文,施臻懿,何恩良. 中国上市公司融资约束指数设计与评价[J]. 山西财经大学学报, 2010, 0(5) |
| 作者姓名： | 况学文 施臻懿 何恩良 |
| 作者单位： | 南昌大学经济与管理学院; |
| 基金项目： | 教育部人文社会科学研究项目(项目批准号:09YJC630111) |
| 摘 要： | 选取我国上市公司2000～2006年期间的财务数据,分别采用Logistic回归模型和多元判别分析法,构建了两个反映公司外部融资约束程度的融资约束指数——LFC和DFC指数。实证结果表明,两个指数均具有较高的判别能力,LFC指数的判别正确率为94.90%,DFC指数的判别正确率为90.00%,这两个指数的相关系数为0.709。在此基础上,借助于财务理论研究中广泛应用的投资—现金流敏感性工具,间接地对两个指数进行了实证检验。结果表明,流动性约束投资模型比Q投资模型能够更好地解释上市公司的投资行为;尤为重要的是,无论是以LFC指数还是以DFC指数为标准,高融资约束公司的投资—现金流敏感性均显著高于低融资约束公司。 |
| 关 键 词： | 融资约束 融资约束指数 投资—现金流敏感性 |
Financing Constraints Index and Index Evaluation of Listed Companies in China |
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| KUANG Xue-wen,SHI Zhen-yi,HE En-liang. Financing Constraints Index and Index Evaluation of Listed Companies in China[J]. Journal of Shanxi Finance and Economics University, 2010, 0(5) | |
| Authors: | KUANG Xue-wen SHI Zhen-yi HE En-liang |
| Affiliation: | KUANG Xue-wen,SHI Zhen-yi,HE En-liang(School of Economics & Management,Nanchang University,Nanchang 330031,China) |
| Abstract: | The paper constructs two financing constraints indexes that reflect the degree of external financing constraints faced by listed companies in China,using logistic regression model and multiple discriminant analysis respectively,and data from listed companies during the 2000-2006 periods.Empirical results show that the two indexes have high discriminant ability,and the correlation coefficient of the two indexes is 0.709.Then,the authors indirectly evaluate the two indexes through thesensitivity of investment... |
| Keywords: | financing constraints financing constraints index sensitivity of investment to cash flows |
| 本文献已被 CNKI 等数据库收录！ | |