融资约束与投资-现金流敏感性——基于中国制造业跨国公司的实证研究  

Financing Constraints and Investment-Cash Flow Sensitivity:An Empirical Study Based on Chinese Manufacturing Multinationals

作　　者：蓝天[1] LAN Tian(Northeast Asia Economic Research Institute,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学东北亚经济研究院,辽宁大连116025

出　　处：《山西大学学报（哲学社会科学版）》2021年第5期119-127,共9页Journal of Shanxi University(Philosophy and Social Science Edition)

基　　金：国家社会科学基金重点项目“刑事庭审实质化研究”(15AFX015)。

摘　　要：以中国制造业跨国公司2007—2016年的财务报表数据为样本,采用新的融资约束指数实证分析中国跨国公司融资约束与投资-现金流敏感性的关系。研究结果发现,构建的新指标ASCL指数对衡量融资约束更加有效;中国制造业跨国公司的融资约束与投资-现金流敏感性呈正比,随着融资约束的增加,投资-现金流敏感度也会增加;对于中国制造业跨国公司来说,投资-现金流敏感性能够很好地衡量融资约束。最后,本文对发展和完善融资约束下中国制造业跨国公司的融资政策提出相关建议。Taking financial statement data of Chinese manufacturing multinationals from 2007 to 2016 as samples, this paper uses a new financing constraint index to empirically study the relation between Chinese multinationals’ financing constraints and investment-cash flow sensitivity.The results of the study illustrate that the newly-constructed indicator ASCL index is more effective for measuring financing constraints, that the financing constraints of Chinese manufacturing multinationals are in direct proportion to the investment-cash flow sensitivity, and that as the financing constraints rise, the investment-cash flow sensitivity will also increase.For Chinese manufacturing multinationals, investment-cash flow sensitivity can be a good measure of financing constraints.This paper puts forward relevant suggestions on the development and improvement of financing policies of Chinese manufacturing multinationals under financing constraints.

关 键 词：融资约束 投资-现金流敏感性 跨国公司 制造业 

分 类 号：F275[经济管理—企业管理] F832.6[经济管理—国民经济]