融资约束与企业投资行为——基于证券市场最新数据的实证研究

本文利用我国证券市场制造业的最新数据,分析了我国上市企业投资行为在不确定性环境下的融资约束特点。结果显示:内部现金流和不确定性对企业的投资有明显的影响,且两种因素对投资的影响具有加强的作用;随着企业国有股比例的提高和净资产回报水平的增加,投资-现金流敏感性也在递增;国有股比例越高,企业规模越大,投资对不确定性的敏感性越强。大企业的反常现象说明了中国上市公司存在严重的代理问题,建议营造公平的融资环境和稳定的经济环境,并应正确认识企业的国有性质。

Financing Constraints and Enterprise's Investment——Empirical Research Based on the Newest Securities' Data

Using new panel data of manufacture industry in Chinese securities markets,this paper gives a study on the relation between financing constraints,uncertainty,and corporate investment.The results show that the cash flow and uncertainty have significant effects to corporation investment.At the same time,two effects strengthen mutually.With increasing proportion of state-owned stocks and return of equity,the investment-cash flow sensitivity is increasing.The findings challenge much of existing evidence on the effect of financial constraints.Bigger corporations and corporations with higher ownership of state owned stocks show sensitivity to uncertainty.This reveals that bigger corporations have serious problem of acting as an agent in China.The author suggests that the government should create equitable conditions of financing and circumstance of economic stabilization.