| 现金持有量的现金流敏感性实证研究:来自2000—2009年食品饮料行业上市公司的证据 |
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| 引用本文： | 应惟伟. 现金持有量的现金流敏感性实证研究:来自2000—2009年食品饮料行业上市公司的证据[J]. 投资研究, 2011, 0(7): 153-156 |
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| 作者姓名： | 应惟伟 |
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| 作者单位： | 北京外国语大学国际商学院/国际金融与商务研究所; |
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| 基金项目： | 教育部新世纪优秀人才支持计划资助 |
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| 摘 要： | 本文对2000—2009年中国食品饮料行业上市公司的样本数据进行了实证研究,发现小规模公司现金持有量对其内部现金流表现出一定程度的敏感性,而大规模公司的现金持有量则对其内部现金流没有表现出敏感性。原因可能在于小规模公司比大规模公司面临更强的融资约束。
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| 关 键 词： | 现金持有量 现金流敏感性 上市公司 |
An Empirical Study on Cash Flow Sensitivity of Cash:Evidence from Chinese Listed Companies of Food and Beverage Industry between the Year 2000 and 2009 |
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| Ying Weiwei. An Empirical Study on Cash Flow Sensitivity of Cash:Evidence from Chinese Listed Companies of Food and Beverage Industry between the Year 2000 and 2009[J]. Investment Research, 2011, 0(7): 153-156 |
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| Authors: | Ying Weiwei |
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| Affiliation: | Ying Weiwei |
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| Abstract: | We conduct an empirical study on the sample data from Chinese listed companies of food and beverage industry between the year 2000 and 2009.The empirical results indicate that small firms' cash holding show some extent of sensitivity to their internal funds,while large ones do not show significant sensitivity.A possible reason is that small firms are more financially constrained than large ones. |
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| Keywords: | Cash holding Cash flow sensitivity Listed companies |
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