现金流、融资约束与企业投资行为——基于制造行业细分竞争市场的研究  

Cash Flow,Financial Constraints and Firm's Investment Behavior——Based on Divided Manufacturing Industry

作　　者：何青[1] 王冲[2] 

机构地区：[1]南开大学金融学系,300071 [2]南开大学金融系

出　　处：《南开经济研究》2008年第6期16-26,36,共12页Nankai Economic Studies

基　　金：教育部人文科研青年基金项目(项目批准号:07JC790063)"国外经典投资理论在我国的适用性研究"阶段性研究成果

摘　　要：传统投资理论认为,企业的现金流和融资约束对其投资行为具有决定性的影响,本文以我国上市公司为样本,考察在不同竞争市场条件下现金流及融资约束对企业投资行为的敏感性,揭示了不同竞争条件下企业的投资行为特征。研究结果表明,我国企业的现金流在不同行业间存在显著的差异,竞争程度越大的细分行业中企业的投资规模也越大;此外,不同竞争程度下融资约束对于企业投资行为的影响程度也不尽相同。The traditional investment theory argues that the cash flow and financial restraints play a vital role in investment behavior. This paper investigates the relation between the cash flow;financial restraints and corporate investment scale in different product market competition by some listed manufacturing industry in China and explicate the corporate behavior in different market competition conditions. The results show that the cash flow is remarkable various between industries. The higher the competition is ,the larger the corporate investment scale is. Even the financing restraints differ significantly in different industries.

关 键 词：投资规模 现金流 融资约束 市场竞争 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]