上市公司现金流波动性与财务杠杆的选择  

Fluctuation of Cash Flow and Choice of Financing Lever on Listed Companies

作　　者：谢芳春[1] 

机构地区：[1]中南大学商学院

出　　处：《琼州大学学报》2006年第5期93-96,共4页Journal of Qiongzhou University

摘　　要：企业现金流与财务杠杆之间的关系是一个值得研究的问题,本文以我国上市公司为研究对象,采用面板数据模型,对现金流波动性与财务杠杆之间的相关关系进行了实证分析,发现上市公司现金流波动性对其财务杠杆选择的影响是显著的,并且影响的程度在不同行业的上市公司之间存在显著差别。The relationship between cash flow and financing lever in corporations is worthy of studying, this paper takes our countries＇listed companies as the research object, adopts panel data model to study the correlativity between the fluctuation of cash flow and the choice of financing lever, we find that the influence of the fluctuation of cash flow on the choice of financing lever is remarkable in the Listed Companies, and also the degree of the influ- ence differs from each other between companies in different trades.

关 键 词：现金流 波动性 财务杠杆 

分 类 号：F830.91[经济管理—金融学]