| 财务困境企业资本投资行为的实证研究——来自中国上市公司的经验证据 |
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| 引用本文： | 张功富,宋献中.财务困境企业资本投资行为的实证研究——来自中国上市公司的经验证据[J].财经理论与实践,2007,28(3):33-40. |
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| 作者姓名： | 张功富 宋献中 |
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| 作者单位： | 暨南大学,管理学院,广东,广州,510632 |
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| 基金项目： | 国务院侨务办公室人文社会科学基金 |
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| 摘 要： | 以2003～2005年因连续两年亏损被ST的79家公司为对象,从投资对现金流敏感度的变化和投资战略的调整两方面对财务困境企业的资本投资行为进行理论分析和实证检验.结果表明,陷入困境后的企业因更严重的信息不对称和代理问题而遭受更严重的融资约束;与缩减投资规模相比,财务困境企业扩大投资规模更有利于其走出困境.
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| 关 键 词： | 财务困境 资本投资 融资约束 |
| 文章编号： | 1003-7217（2007）03-0033-08 |
| 收稿时间： | 2006-10-20 |
| 修稿时间： | 2006-10-20 |
Empirical Research on Investment of Companies in Financial Distress Evidence of Chinese Listed Company |
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| ZHANG Gong-fu,SONG Xiang-zhong.Empirical Research on Investment of Companies in Financial Distress Evidence of Chinese Listed Company[J].The Theory and Practice of Finance and Economics,2007,28(3):33-40. |
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| Authors: | ZHANG Gong-fu SONG Xiang-zhong |
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| Institution: | College of Administration , Jinan University , Guangzhou , Guangdong 510632,China |
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| Abstract: | Based on the sample of 79 ST companies from 2003 to 2005, discusses was done to analyze investment behaviors of companies in financial distress from the perspectives of the variation of cash flow sensitivity and the adjustment of investment strategy. Results show that companies in financial distress confront more serious financing constraint because more serious information asymmetry and more moral hazard behaviors happen in such companies. Results also show that the behaviors to expand investment of companies in financial distress are likely to help them go out of the woods. |
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| Keywords: | Financial Distress Investment Financing Constraint |
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