金融发展与企业投资-长期现金流敏感性:基于中国制造业上市公司的实证研究  

Financial Development and Corporate Investment,Long-Run Cash Flow:an Empirical Study Based on Chinese Listed Manufacturing Firms

作　　者：张天顶[1] 邹强[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《投资研究》2015年第2期46-57,共12页Review of Investment Studies

基　　金：国家自然科学基金项目"金融市场发展与经常项目失衡"(71003075);"经常项目失衡;跨境资本流动和金融脆弱性研"(71203168)的资助;武汉大学"哲学社会科学优势和特色学术领域建设计划";武汉大学自主科研项目(人文社会科学)2015年度项目支持

摘　　要：本文考察了企业现金流对其投资影响的滞后效应以及金融发展对企业投资—长期现金流敏感性的影响。基于1998年-2012年中国制造业上市公司微观样本数据,研究发现:我国中小规模企业的投资—现金流敏感性存在滞后效应,而大规模企业则不存在,投资—现金流敏感性分析表明我国中小企业实际上面临更为严重的融资约束;金融发展在缓解企业融资约束时存在着追赶效应,即融资约束更为严重的中小企业会得到更大改善。此外,金融发展减弱了企业的预防性资金需求,有利于中小企业投资,对增强市场活力和促进经济增长具有积极作用。This paper investigates the lagged effect of corporate long run cash flow on its investment and the role of financial development on the changes of investment-cash flow sensitivity in the long run.Using the data of Chinese listed manufacturing firms between 1998 and 2012 as the research sample,we find out that：the investment-cash flow sensitivity of small-sized and medium-sized enterprises shows a certain degree of lag,the existence of investment-long run cash flow sensitivity shows that small-sized and medium-sized enterprises actually face more serious financing constraints.Catch-up effect exists in the influ- ence of financial development on the financing constraints facing by enterprises.In addition,small-sized and medium-sized enterprises invest more actively with the development of financial system because the need for cash preserve is diminished, thus prorooting their own growth, enhancing the market competition and promoting economic growth as a result.

关 键 词：投资—长期现金流 敏感性 融资约束 金融发展 

分 类 号：F425[经济管理—产业经济] F406.7F832.5