摘要
本文提出了一种新的融资约束判别方法来度量融资约束程度,从现金流状态角度探讨了融资约束与投资—现金流敏感性的关系。研究发现:第一,总体来说,融资约束较高的企业比融资约束较低的企业有更高的投资—现金流敏感性。第二,当公司的现金流为正时,高融资约束企业的投资—现金流敏感性比低融资约束企业高;当公司的现金流为负时,高融资约束企业的投资—现金流敏感性比低融资约束企业低。上述发现表明,信息不对称理论能够部分解释融资约束程度与投资—现金流敏感性的关系,但进行相关研究时需要考虑现金流状态因素。
This paper provides a new measure of financing constraints,and investigates the cash flow status on the relationship between financing constraints and investment-cash flow sensitivities.The empirical results show that:(1) Generally,firms that are more financially constrained exhibit significantly greater investment-cash flow sensitivities.(2) For those which have positive cash flow,this relationship still applies;for those which have negative cash flow,firms with high degree of financing constraints exhibit significantly less sensitivities than firms with low degree of financing constraints.These results suggest that the information asymmetry theory can partially explain the relationship between financing constraints and investment-cash flow sensitivities.However,cash flow status should also be taken into consideration.
基金
国家自然科学基金项目(70772095)
教育部新世纪优秀人才支持计划
霍英东教育基金会的资助
关键词
融资约束
投资—现金流敏感性
正负现金流
Financing Constraints
Investment-Cash Flow Sensitivities
Cash Flow Status
