所有权性质、融资约束与企业投资——基于投资现金流敏感性的经验证据  

Ultimate Ownership,Financial Constraints and Corporate Investment——Based on Empirical Evidence of Investment Cash Flow Sensitivity

作　　者：吴宗法[1] 张英丽[1] 

机构地区：[1]同济大学经济与管理学院

出　　处：《经济与管理研究》2011年第5期72-77,共6页Research on Economics and Management

摘　　要：本文通过研究中国制造业上市公司投资支出与其内部现金流的敏感性,分析经济转轨过程中不同所有权企业融资约束的变动情况。研究发现:(1)制造业上市公司存在明显的融资约束,且民营企业的融资约束明显高于国有企业;(2)在研究期间,全部样本企业的投资现金流敏感性随时间逐渐降低;(3)预算软约束的存在,使得国有企业投资现金流敏感性随时间下降的幅度比民营企业低。Using the data of Chinese listed manufacturing companies, this paper makes use of investment cash flow sensitivity to study financial constraints of different ownership change over time. Study shows that ： （ 1 ） in the transition period, manufacturing companies have financial constraints, financial constraint of manufacturing companies is higher than state - owned companies, and lower than the state - owned companies ; （2） investment cash flow sensitivity of state - owned companies and private - owned companies shows the decreasing trend ; （3） the decreasing speed of investment cash flow sensitivity of state - owned companies is lower than private - owned companies.

关 键 词：预算软约束 融资约束 企业投资 投资现金流敏感性 

分 类 号：F275[经济管理—企业管理]