高科技上市公司投资和内部融资敏感性研究

高新技术产业在国民经济发展中的作用越来越明显,但融资困难问题已成为约束高新技术企业发展的瓶颈。我国高科技上市公司投资—现金流敏感系数显著为正,不确定性对投资具有显著的负的影响。以现金红利、股权性质作为融资约束的标准时,融资约束和投资—现金敏感性同向变动。我国高科技上市公司投资—现金流敏感系数主要源于自由现金流理论下的投资过度。

Study of Investment and Internal Financing Sensitivity in Hi-tech Listed Companies

High technology industries are playing an increasingly important role in national economy.But financing difficulties have become the bottleneck for the development of hi-tech enterprises.The investment-cash flow sensitivity coefficient in China's hi-tech listed company is positive and uncertainty has a distinct negative influence on investment.Taking cash dividend,equity nature as the standard of financing restrictions,financing restriction and investment-cash flow sensitivity change in the same direction.The investment-cash flow sensitivity coefficient in China's hi-tech enterprises mainly results from over-investment according to free cash flow theory.