基于成长性差异的上市公司投资支出与现金流量的实证研究  

An Empirical Research on Investment Expenditure and Cash Flow for Different Growth of the Chinese Listed Companies

作　　者：刘伶[1] 李延喜[1] 陈克兢[1] 

机构地区：[1]大连理工大学管理与经济学部,辽宁大连116024

出　　处：《当代经济管理》2011年第12期88-95,共8页Contemporary Economic Management

基　　金：国家自然基金项目(70772087);教育部人文社会科学青年基金项目(10YJC630401);教育部新世纪人才支持计划资助(NCET-10-0281);辽宁财政科研基金项目资助(11C001);中央高校基本科研业务专项资金资助(DUT10ZD107)

摘　　要：公司处于不同的成长阶段,其面临的投资机会与现金流量的需求不同。为减少财务困境成本、避免投资不足,需要充足的现金流量才能支撑公司的健康成长。如果违背公司成长性规律,可能造成投资失误,甚至威胁公司的生存。因此,文章在建构上市公司成长性评价模型的基础上,从成长性视角出发,研究上市公司成长性与投资支出、成长性与现金流量、投资支出与现金流量间的关系,并对不同成长性公司的投资支出与现金流量进行了实证研究。主要研究发现,我国上市公司无论成长性高低,其投资支出与现金流量间呈显著正相关,而且低成长性公司的投资支出与现金流量的敏感性要高于高成长性的公司。The investment opportunities and cash flow demand differs among different development stages of the company.In order to reduce the cost of financial difficulties and avoid insufficient investment,the company needs adequate cash flow to support its healthy growth.If it violates the regularity of growth,it could lead to the fault of investment and even threat the companies＇ existence.In constructing growth evaluation model for listed companies in China,from the aspect of growth,this paper conducts an empirical research on listed companies＇ growth and capital expenditures,growth and cash flow,and the relationship between listed companies＇ growth and capital expenditures.Major findings from the study show that regardless of the growth level in Chinese listed companies,capital expenditure has a very significant positive effect on cash flow. Moreover,capital expenditure and cash flow sensitivity is higher in low-growth companies compared to high-growth companies.

关 键 词：成长性 投资支出 现金流量 融资约束 

分 类 号：F832.5[经济管理—金融学]