现金流、融资约束与企业投资行为——基于制造行业细分竞争市场的研究

传统投资理论认为，企业的现金流和融资约束对其投资行为具有决定性的影响，本文以我国上市公司为样本，考察在不同竞争市场条件下现金流及融资约束对企业投资行为的敏感性，揭示了不同竞争条件下企业的投资行为特征。研究结果表明，我国企业的现金流在不同行业间存在显著的差异，竞争程度越大的细分行业中企业的投资规模也越大；此外，不同竞争程度下融资约束对于企业投资行为的影响程度也不尽相同。     

投资-现金流敏感性研究评析

大量投资—现金流敏感性实证研究表明,企业现金流对其投资支出具有重要影响,然而学术界对投资—现金流敏感性产生的具体原因,甚至对其是否真的存在还存在激烈的争论。本文对现有的投资—现金流敏感性研究进行了综述,主要介绍了融资约束模型、代理模型,以及相关的争论和部分学者对投资—现金流敏感性是否真实存在提出的质疑,最后对未来的研究方向进行了展望。     

企业投资与自由现金流敏感性的研究

完美市场条件下,企业投资取决于投资机会。但现实世界中的市场摩擦的存在如税收、交易成本等,企业投资与投资机会的一致性受到扭曲,其中最普遍、影响最大的就是自由现金流对投资的影响。学术界对投资与自由现金流敏感性的原因解释可归结为两大因素:代理问题和信息不对称问题。本文基于以往学者的结论,系统梳理了从代理问题和信息不对称解释企业投资与自由现金流敏感性的理论和实证研究,并研究了公司治理对提升企业投资效率的影响。     

金融发展缓解公司融资约束程度研究

文章利用我国上市公司财务数据和各地区金融发展指数,从投资-现金流敏感性的视角,实证考察金融发展和市场化进程对公司外部融资约束的缓解效应。实证研究发现,金融发展和市场化程度能够显著降低融资约束公司的投资-现金流敏感性,缓解其外部融资约束程度。因此,为了促进公司投资和总体经济的增长,国家应进一步深化金融和市场化改革,加快金融发展和市场化进程的步伐。     

上市公司自由现金流与投资行为的实证研究

本文使用我国上市公司2003年-2005年间的面板数据,检验了我国上市公司自由现金流量与企业投资行为之间的关系。研究结果表明:(1)我国上市公司投资对现金流的敏感度显著,自由现金流量与投资支出显著正相关;(2)自由现金流量为正的上市公司投资对现金流的敏感度更为显著,自由现金流量与企业投资支出相关性更强;(3)我国上市公司投资对自由现金流高敏感度的动因,是由于上市公司信息不对称产生的融资约束导致企业投资不足。     

融资约束与企业创新投资—现金流敏感性——基于企业R&D异质性视角

企业R&D投资—现金流敏感性是投资理论研究的重要组成部分。本文基于R&D异质性角度,把R&D投资区分为探索式创新投资和常规式创新投资。运用《企业会计准则》(2006)之后中国A股上市公司R&D投资数据和q投资模型,研究发现:企业创新投资依赖内部资金;探索式创新投资—现金流敏感性高于常规式创新投资—现金流敏感性;融资约束程度与创新投资—现金流敏感性的关系是单调的;政府没有对探索式创新投资进行差异性科技补贴。本研究不仅体现了新的研究视角,丰富了投资—现金流敏感性研究领域的相关文献,而且还为企业的创新融资和政府的科技补贴提供了决策参考。     

企业社会责任信息披露与R&D投资

以创业板上市公司2011-2013年数据,对企业社会责任信息披露与RD投资之间的关系进行研究。在本文研究过程中,借助中间量融资约束,并且以Almain现金流量模型为融资约束衡量基础。研究结果表明企业社会责任信息披露与融资约束负相关;企业的融资约束导致RD投资不足;企业较好的现金流可以减缓融资约束程度,促进企业进行R的投资,最后本文针对两者之间的关系,提出加大企业RD投资的建议。     

经济政策不确定性、融资约束与企业研发投资：文献综述

文章根据不同学者对经济政策不确定性、融资约束和研发投资的研究,分别梳理了融资约束和企业研发投资、经济政策不确定和企业研发投资以及经济政策不确定性和融资约束之间的关系,得出以下结论,由于研发投资存在着信息不对称和高调整成本问题,企业进行研发投资时往往会遇到外部融资约束问题且融资约束抑制企业研发投资;经济政策不确定性对研发投资存在促进和抑制两方面影响,目前学术界还未达成统一意见;经济政策不确定性与融资约束的关系目前也存在一定分歧。从资金供给的角度,经济政策不确定性加剧了融资约束。从资金需求的角度,经济政策不确定性缓解了融资约束。     

不完全市场与企业的投资决策

企业的投资行为是否有效率直接影响到企业的价值是否最大化。企业的非效率投资表现为投资不足和过度投资。引起非效率投资的原因有很多,本文主要从委托代理、信息不对称和融资约束3个角度来系统分析市场不完全性对企业投资决策的影响。     

政府质量、投资与资本配置效率

本文以2005～2007年中国上市公司为样本,从事前和事后两个维度考察地方政府质量影响企业投资和资本配置效率的机理。本文分别用投资对托宾Q和对现金流的敏感性来度量投资效率与融资约束,结果显示,政府质量与投资和Q值敏感度正相关,与投资和现金流敏感度负相关。相对国有企业,政府质量改善资本配置效率的功能在民营企业中更显著;相对中央国有企业,政府质量改善资本配置效率功能在地方国企中更显著。对事后业绩增长的考察表明,在较高的投资与Q敏感度和较低的投资与现金流敏感度地区,投资能显著促进企业业绩的增长。我们进一步分析了地方政府提升资源配置效率的途径,发现地方政府通过提供良好的公共治理,可以降低企业内部的代理成本,同时通过扩展企业的融资途径来缓解融资约束。     

Abstracts/Résumés

We investigate how private information and monitoring affect the role of accounting quality in reducing the investment–cash flow sensitivity. We argue that access to private information and direct restrictions on investments are likely to affect the extent to which accounting quality reduces financing constraints. Our results suggest that, for financially constrained firms, banks’ access to private information decreases the value of accounting quality. We further find that, for both financially constrained and unconstrained firms, covenants directly restricting capital expenditures also mitigate the importance of accounting quality. Our results suggest that, when information asymmetry problems are likely to be the largest, accounting quality is most important. However, the importance of accounting quality is mitigated if outside capital suppliers have access to private information and is eliminated if they impose contractual restrictions on investment. We also provide evidence that banks’ access to private information reduces the cash flow sensitivity of cash and mitigates the importance of accounting quality in reducing this sensitivity. This additional evidence suggests that our investment–cash flow sensitivity results are not driven by measurement error of the investment opportunity set.     

应收账款周转率对中小企业融资约束影响的实证分析

中小企业融资约束因深受多种因素影响而成为一个较为复杂的问题,本文将中小企业应收账款周转率同中小企业现金流量所构建的交互项引入现金-现金流敏感性模型,着重讨论企业应收账款周转率同中小企业融资约束之间的关系。研究表明,周转速度较快的应收账款对中小企业的融资约束具有缓解作用。因此,本文提出了做好应收账款分类管理和回收管理的建议。     

Financial Liberalization and Corporate Investments: Evidence from Korean Firm Data*

This paper examines whether financial liberalization procedures introduced in Korea in the early 1990s succeeded in relaxing financing constraints on firms. Because external funds are more costly than internal funds in an imperfect capital market, corporate investments depend on the availability of internal funds. As financial liberalization mitigates constraints on firms, the sensitivity of investments to cash flow can be reduced. Using panel data on Korean firms, we found that cash‐flow effects on investment spending decreased drastically during the liberalization period. In particular, small, non‐chaebol and established firms that were severely constrained gained most from liberalization. Chaebol firms appeared to lose preferential access to credit after liberalization.     

公司治理、债务约束与自由现金流过度投资——基于发电行业上市公司的实证研究

本文以沪深股市的电力上市公司为样本,从公司治理、债务约束机制和自由现金流量相互关系的角度实证分析了电力上市公司的过度投资行为。探讨了公司治理结构、制度环境和债务在抑制过度投资中的作用。研究结论表明：（1）我国电力上市公司存在过度投资行为,但和自由现金流的关联度并不显著;（2）公司治理特征变量与自由现金流量的过度投资行为存在显著负相关关系;（3）债务约束效应在发电行业并没有发挥应有的作用,本文从制度的角度对这一现象进行了解释。     

The East Asian crisis and financing corporate investment: is there a cause for concern?

In view of limited empirical evidence concerning the microeconomic aspects of corporate financial problems in the East Asian countries in the 1990s, this paper analyses the financing pattern of corporate investment in Indonesia, Korea, Malaysia, and Thailand. The analysis is based on an unbalanced panel of listed firms during the period 1989–1997. By using firm size, retention practices, and leverage as three different indicators of financial constraint on firm investment, we have examined the role of various internal and external financing variables on corporate investment in the sample countries. Results indicate that a large number of sample firms depend on free cash flow, especially in Indonesia; there was also a steady increase in debt-equity ratio in all countries. There were signs of agency costs in the use of cash flow in Korea and Malaysia and also in the use of debt financing in Malaysia and Thailand. There was also sign of over-investment among the Thai firms during 1994–1997 though it appears very little if at all was done to redress it in time.     

Financial Determinants of Corporate R&D Investment in Korea

This paper investigates the relationship between corporate investment in R&D and finance. By using panel data on Korean manufacturing firms between 1999 and 2008, we find that R&D investment is sensitive to fluctuations in internal cash flow and that debt is more important than equity in financing R&D expenditure. This empirical result supports the traditional theory of financing hierarchy. In relation to equity ownership, the empirical result shows that ownership concentration and foreign ownership positively affect R&D investment, but institutional ownership does not show any significant effect on investment. This study synthetically analyzes the relation between finance and investment by simultaneously considering corporate finance, equity ownership structure, macroeconomic environments and the institutional setting of Korea.     

Financial reform and financing constraints: Some evidence from listed Chinese firms

This paper examines the impact of recent financial reforms in China on the financing constraints and investment of publicly-listed Chinese firms. Two continuous indices are constructed to measure the evolution and intensity of financial reforms: a financial liberalization index and a capital control index. Dynamic panel GMM method is used to estimate firms' financing constraints in an Euler-equation investment model. Based on panel data of listed firms for 1996–2007, we find that large firms face no credit constraints and smaller firms display significant constraints. However, the sensitivity of large firms' investment to their cash holdings is heightened as more financial reforms take place. It appears that reforms that gradually eliminate preferential treatments to large firms, primarily state-owned enterprises (SOEs) in China, have subjected these firms' investment decisions to stricter market-based discipline and therefore raised their financing constraints. No significant change in the financing constraint is detected for smaller firms in China. This is interpreted as financial reform in China has not been substantial enough for its benefits to reach smaller firms.     

政治关联、数字金融与融资约束——来自科技型中小企业的证据

以2011—2018年中小板、创业板上市的216家企业为样本,采用现金-现金流敏感性模型,研究政治关联、数字金融与科技型中小企业融资约束之间的关系.结果表明,科技型中小企业普遍存在较为严重的融资约束,政治关联和数字金融发展均缓解了科技型中小企业的融资约束,而且数字金融的发展缩小了政治关联造成的融资差异,在无政治关联样本中显示出更强的融资约束缓解作用.