“一带一路”倡议、财务柔性与企业投资-现金流敏感性  

“The Belt and Road”Initiative,Financial Flexibility and Enterprise Investment-Cash Flow Sensitivity

作　　者：曹允春 孙坚 CAO Yunchun;SUN Jian(Business School,Zhengzhou University,Zhengzhou 450000,China)

机构地区：[1]郑州大学商学院,河南郑州450000

出　　处：《经济经纬》2022年第1期108-117,共10页Economic Survey

摘　　要：以“一带一路”倡议的出台作为准自然实验,基于2008—2019年中国上市公司数据,运用双重差分法(DID)考察了“一带一路”倡议对企业投资-现金流敏感性的影响。研究发现:“一带一路”倡议的实施可以显著降低受倡议支持企业的投资-现金流敏感性,并且影响程度与企业财务柔性有关,该结论在采用安慰剂检验、稳健性检验后仍然成立。拓展分析发现,“一带一路”倡议可以矫正过度投资和缓解经理人代理矛盾,构成内部治理薄弱企业的外部治理机制。研究结论表明,“一带一路”倡议这一正式制度是被现有文献忽略的研究融资约束、财务柔性及投资-现金流敏感性的重要变量,以此拓展和丰富了制度环境影响企业融资约束问题的研究。Based on the data of China’s listed companies from 2008 to 2019,this paper regards“the Belt and Road”Initiative as a quasi-natural experiment and uses the double difference method(DID)to investigate the impact of“the Belt and Road”Initiative on the investment-cash flow sensitivity of enterprises.The result shows that“the Belt and Road”Initiative can significantly reduce the investment-cash flow sensitivity of the supported firms.And this conclusion remains robust after adopting the placebo test and robustness test,and the degree of influence is related to the financial flexibility of the enterprise.Further study has found“the Belt and the Road”Initiative can correct over investment and alleviate the contradiction between clients and agents,which constitutes the external governance mechanism of enterprises with weak internal governance.The conclusion of this paper shows that“the Belt and the Road”initiative is an important variable to study financing constraints,financial flexibility and investment-cash flow sensitivity which has been ignored by the existing literature,so as to expand and enrich the research that institutional environment affects financial constraints.

关 键 词：“一带一路”倡议 融资约束 财务柔性 投资-现金流敏感性 

分 类 号：F26[经济管理—国民经济]