中国制造业上市公司投资——现金流高敏感性实证研究  

An Empirical Research on High Sensibility between Investment and Free Cash Flow of Chinese Listed Manufacturing Companies

作　　者：马国臣[1] 李鑫[2] 孙静[3] 

机构地区：[1]山东大学管理学院,山东济南250100 [2]山东经济学院工商管理学院,山东济南250014 [3]山东中烟工业公司济南卷烟厂,山东济南250104

出　　处：《中国工业经济》2008年第10期109-118,共10页China Industrial Economics

摘　　要：由于现实中资本市场的不完善,信息不对称、代理问题和交易成本的存在,内部融资与外部融资之间存在显著的成本差异,这使现金流量在企业生存发展中起着举足轻重的作用,成为决定公司投资水平的重要因素。本文在系统借鉴和吸收国内外公司投资行为研究成果基础上,结合中国资本市场的实际情况,验证中国制造业上市公司投资支出与其内部现金流量的敏感性,通过实证研究揭示二者之间的关系及其背后动因;并在此基础上,探索建立中国上市公司投资行为分析框架,为投融资体制改革、经济政策选择、企业过度投资行为治理及投资效率的提高提供理论基础和决策依据。Because of the separation of ownership and control, the asymmetry of information in capital market, and the existence of supervision cost,there is dramatic cost difference between internal and external capital. This make cash flow play an important role at business enterprise operation and development. Based on the latest domestic and foreign investment and cash flow management theories, this paper analyses the relation between investment behavior and free cash flow of Chinese listed companies in manufacturing industry, which examines the true reason of the high sensibility between corporate investment and cash flow,explains the relation between investment behavior and cash flow under Chinese actual circumstance. The paper also puts forward some valuable suggestions for finance and investment system reform and economic policy choice, which will be helpful to the establishment of decision mechanisms and the increase of investment efficiency of Chinese companies.

关 键 词：企业投资 现金流量 上市公司 制造业 

分 类 号：F276.6[经济管理—企业管理]