生命周期、企业所有权与投资–现金流敏感性——来自非上市中小微企业的实证研究  

Life Cycles, the Ownership of Enterprise and Investment–Cash Flow:An Empirical Study based on Unlisted SMEs

作　　者：张晓玫[1] 马文睿[1] 

机构地区：[1]西南财经大学金融学院

出　　处：《投资研究》2014年第12期110-125,共16页Review of Investment Studies

基　　金："中央高校基本科研业务费专项资金"重点项目(批准号:JBK120908)

摘　　要：本文通过检验银行贷款对企业不同生命周期的投资–现金流敏感性的影响,研究了不同生命周期以及不同所有权企业的融资约束、软预算约束和代理问题。实证结果显示,非上市中小微企业在成长、成熟和衰退期均由融资约束引起了投资–现金流敏感性,成熟期的投资–现金流敏感性要显著小于成长期和衰退期,银行贷款显著减少了这种敏感性。本文还发现,国有企业和民营企业在不同生命周期造成投资–现金流敏感性的原因不同,比较明显的是成长期的国有企业和民营企业分别由软预算约束和融资约束引起了投资–现金流敏感性,成熟期和衰退期的国有企业以及成熟期的民营企业由融资约束引起了投资–现金流敏感性,衰退期的民营企业由于缺乏投资机会以及预防性动机并没有显著的投资–现金流敏感性。By testing the effect of bank loan on enterprise＇s Investment–cash flow sensitivity during different life cycles, the financial constraints, the soft budget constraint and the agency problem of enterprise during different life cycles and with different ownership has been studied. Empirical results show the existence of the Investment–cash flow sensitivity in the unlisted medium and small enterprises because of financial constraints during all their growth, mature and decline stages. The investment–cash flow sensitivity in mature stage is weaker than that during growth and decline stage, and the bank loan significantly decreases this sensitivity. This paper also found that, during different life cycles, the reason for the difference in the Investment – cash flow sensitivity is also different for state – owned or the private enterprises. It is obvious that, the sensitivity in growth stage is resulted from the soft budget constraint for the state–owned enterprise, and from the financial constraints for the private enterprise separately. And the sensitivity during decline stage is resulted from the financial constraints and the agency problem for state–owned and the private enterprise separately.

关 键 词：投资–现金流敏感性 企业生命周期 融资约束 软预算约束 

分 类 号：F275[经济管理—企业管理] F276.3[经济管理—国民经济]