| 自由现金流、控制结构与投资——对A股和香港上市公司的比较研究 |
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| 引用本文： | 赵中伟. 自由现金流、控制结构与投资——对A股和香港上市公司的比较研究[J]. 上海经济研究, 2011, 0(9) |
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| 作者姓名： | 赵中伟 |
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| 作者单位： | 北京大学经济学院; |
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| 摘 要： | 文章从控制结构和市场环境角度对A股和香港上市公司的投资—现金流敏感性作了比较研究。本文的研究发现,A股和香港上市公司的投资与自由现金流存在显著的正相关关系。控制结构是投资—现金流敏感性的影响因素,多数制衡控制、多数独占控制和少数状态依存控制结构的投资—现金流敏感性依次增加。处在不同的市场环境中,投资—现金流敏感性水平也会表现出差异。香港本地股的投资与自由现金流之间的相关关系最强,其次为A+H股和A股。
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| 关 键 词： | 自由现金流 投资 控制结构 市场环境 |
Free Cash Flow,Control Structure and Investment |
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| Zhao Zhongwei (School of Economics Peking University. Free Cash Flow,Control Structure and Investment[J]. Shanghai Economic Review, 2011, 0(9) |
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| Authors: | Zhao Zhongwei (School of Economics Peking University |
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| Affiliation: | Zhao Zhongwei (School of Economics Peking University |
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| Abstract: | The paper makes a comparative study of the investment-cash flow sensitivities of listed firms in A and Hong Kong market in terms of control structure and market environment.The result shows that there is a high positive correlation between the investment and the cash flow of listed firms in A and Hong Kong market.Control structure is an influence factor of the investment-cash flow sensitivities.The investment-cash flow sensitivities of majority balanced control,majority monopolistic control and minority con... |
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| Keywords: | Free Cash Flow Investment Control Structure Market Environment |
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