融资约束抑或过度投资——中国上市企业投资—现金流敏感度的经验证据  

Financing Constraints or Overinvestment——Evidence on Investment-cash Flow Sensitivities of Chinese Listed Companies

作　　者：罗琦[1] 肖文翀[1] 夏新平[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074

出　　处：《中国工业经济》2007年第9期103-110,共8页China Industrial Economics

基　　金：教育部回国留学人员科研启动基金项目"企业融资约束与营运资金管理研究"(批准号教外司留[2007]24号);中国博士后科学研究基金面上资助项目"经济周期波动作用于企业现金持有量的机理研究"(批准号20070410287)

摘　　要：本文以中国上市企业为分析样本,通过检验现金持有量对投资—现金流敏感度的影响,考察企业中的融资约束和代理冲突。结果显示,融资约束与过度投资导致企业投资支出与内部现金流密切相关。民营企业、大规模地方国有企业中存在过度投资,所持有的现金具有明显的壕沟效应、进一步提高投资—现金流敏感度。而中、小规模国有企业面临的融资约束比较突出,为了抵御外部融资约束,持有现金充当对冲工具、降低投资—现金流敏感度。Based on a sample of Chinese listed companies, this paper explores the reasons for the relationship between cash flow and investment spending though examining the role of cash holdings on the investment-cash flow sensitivity. We find that the strong cash flow sensitivities of investment spending are indeed associated with companies＇ financing constraints or overinvestment. The results suggest that the private enterprises and the large-sized local SOEs are more likely to over-invest, and higher levels of cash holdings play significant entrenchment effects and exacerbate the overinvestment behaviors of these companies. The results also imply that the small and medium-sized SOEs are suffered from financing constraints and their cash holdings act as a hedging device and mitigate the extent of financing constraints.

关 键 词：投资-现金流敏感度 现金持有量 融资约束 过度投资 

分 类 号：F276.6[经济管理—企业管理]