| 中国企业投资与内部融资敏感性影响因素分析——来自中国制造行业上市公司的证据 |
| |
| 引用本文： | 杨兴全,付庆祝.中国企业投资与内部融资敏感性影响因素分析——来自中国制造行业上市公司的证据[J].经济与管理,2007,21(6):66-69. |
| |
| 作者姓名： | 杨兴全 付庆祝 |
| |
| 作者单位： | 石河子大学,经济贸易学院,新疆,石河子,832003 |
| |
| 摘 要： | 以中国制造行业的上市公司为样本，研究投资一现金流敏感性的影响因素结果表明：投资支出对现金流很敏感，以企业规模作为度量融资约束的变量，未能支持融资约束影响投资与现金流敏感性的观点，以股利支付率作为度量融资约束的变量，检验结果为融资约束越强，投资与现金流敏感性程度越高的观点提供了证据。投资一现金流敏感性主要是信息不对称引起的融资约束所致。
|
| 关 键 词： | 投资与内部融资 融资约束 代理成本 信息不对称 |
| 文章编号： | 1003-3890（2007）06-0066-04 |
| 修稿时间： | 2007-03-27 |
An Analysis on the Sensitivity determinants of Corporate Investment-internal Finance |
| |
| YANG Xing-quan,FU Qing-zhu.An Analysis on the Sensitivity determinants of Corporate Investment-internal Finance[J].Economy and Management,2007,21(6):66-69. |
| |
| Authors: | YANG Xing-quan FU Qing-zhu |
| |
| Institution: | School of Economics and Business, Shihezi University, Shihezi 832003, China |
| |
| Abstract: | Discusses the determinants of corporate investment-internal finance sensitivity based on the sample of manufacturing industry listed corporate of China,the results show that corporate investment is very sensitive to cash flow.When the companies are classified by the firm size,the results could not support the view that the financing constraint can be used to explain the relation between investment and cash flow.When the dividend payout used as the standard of financing constraint,empirical study has shown that the investment-internal finance sensitivity is higher in the low dividend payout firms.The sensitivity of investment-cash flow are caused by the financial constraints because of asymmetry information hypothesis. |
| |
| Keywords: | investment-internal finance financial constraints agent cost asymmetry information |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
