关联财务公司、自由现金流与过度投资  

Affiliated Finance Company, Free Cash Flow and Overinvestment

作　　者：孙慧[1] Sun Hui(School of Economics and Management,Jianghai Polytechnic College,Yangzhou 225000,China)

机构地区：[1]江海职业技术学院经济管理学院,江苏扬州225000

出　　处：《湘南学院学报》2022年第5期56-64,共9页Journal of Xiangnan University

基　　金：2021年江苏高校“青蓝工程”优秀青年骨干教师资助项目

摘　　要：本文以2013—2020年非金融行业的上市公司为样本,检验了自由现金流与过度投资之间的关系,然后根据是否有关联财务公司,分别考察了自由现金流对过度投资的敏感性.实证结果表明:总体而言,上市公司的自由现金流与过度投资呈显著的正相关关系;对于没有关联财务公司的上市公司,自由现金流与过度投资呈正相关关系;对于有关联财务公司的上市公司,则自由现金流与过度投资之间缺少敏感性.The listed companies in the non-financial industry from 2013 to 2020 are taken as a sample to test the relationship between free cash flow and overinvestment,and then to examines the sensitivity of free cash flow to overinvestment according to whether there are affiliated financial companies.The empirical results show that in general the free cash flow of listed companies has a significant positive correlation with overinvestment,free cash flow is positively correlated with overinvestment for those listed companies without affiliated financial companies,while there is a lack of sensitivity between free cash flow and overinvestment for those listed companies with affiliated financial companies.

关 键 词：关联财务公司 自由现金流 过度投资 投资现金流敏感性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]