投资—现金流敏感性:融资约束还是代理成本?
10170 
331
财经研究 2007 年 第 33 卷第 02 期, 页码：38 - 47
摘要
参考文献
摘要
文章在控制Tobin’s Q衡量偏误的前提下,重新审视了中国上市公司的投资—现金流敏感性问题。结果表明,在控制衡量偏误的影响下,投资支出仍然对现金流非常敏感。然而,不同于前期研究,文章发现融资约束程度轻的公司反而表现出更强的投资—现金流敏感性。对此“反常”现象的动因检验表明:融资约束程度轻的公司倾向于过度投资,代理问题是导致现金流敏感性的主要原因;而融资约束较为严重的公司则表现为投资不足,信息不对称是导致现金流敏感性的主要原因。
[1]连玉君,程建.不同成长机会下资本结构与经营绩效之关系研究[J].当代经济科学,2006,(2):97~103.
[2]冯巍.内部现金流量和企业投资[J].经济科学,1999,(1):51~57.
[3]何金耿,丁加华.上市公司投资决策行为实证分析[J].证券市场导报,2001,(9):44~47.
[4]魏锋,刘星.融资约束、不确定性对公司投资行为的影响[J].经济科学,2004,(2):35~43.
[5]郑江淮,何旭强,王华.上市公司投资的融资约束:从股权结构角度的实证分析[J].金融研究,2001,(11):92~99.
[6]Arellano M,O Bover.Another look at instrumental variables estimation of the errorcomponents model[J].Journal of Econometrics,1995,68:29~51.
[7]Battese G,T Coelli.Frontier production functions,technical efficiency and panel data:With application to paddy farmers in India[J].Journal of Productivity Analysis,1992,3(1):153~169.
[8]Cleary S.The relationship between firm investment and financial status[J].Journal ofFinance,1999,54:673~692.
[9]Erickson T,T M Whited.Measurement error and the relationship between investmentand Q[J].Journal of Political Economy,2000,108:1027~1057.
[10]Erickson T,T M Whited.On the information content of different measures of Q[Z].Mimeo,2005,University of Iowa.
[11]Fazzari S,G Hubbard,B Peterson.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1:141~195.
[12]Gilchrist S,C Himmelberg.Evidence on the role of cash flow for investment[J].Journal of Monetary Economics,1995,36:541~572.
[13]Gomes J F.Financing investment[J].American Economic Review,2001,91(5):1263~1285.
[14]Kaplan S,L Zingales.Do investment-cash flow sensitivities provide useful measures offinancial constraints?[J].Quarterly Journal of Economics,1997,112:169~215.
[15]Myers S C,N S Majluf.Corporate financing and investment decisions when firms haveinformation that investors do not have[J].Journal of Financial Economics,1984,13:187~221.
[16]Vogt S C.The cash flow/investment relationship:Evidence from US manufacturingfirms[J].Financial Management,1994,23(2):3~20.
[2]冯巍.内部现金流量和企业投资[J].经济科学,1999,(1):51~57.
[3]何金耿,丁加华.上市公司投资决策行为实证分析[J].证券市场导报,2001,(9):44~47.
[4]魏锋,刘星.融资约束、不确定性对公司投资行为的影响[J].经济科学,2004,(2):35~43.
[5]郑江淮,何旭强,王华.上市公司投资的融资约束:从股权结构角度的实证分析[J].金融研究,2001,(11):92~99.
[6]Arellano M,O Bover.Another look at instrumental variables estimation of the errorcomponents model[J].Journal of Econometrics,1995,68:29~51.
[7]Battese G,T Coelli.Frontier production functions,technical efficiency and panel data:With application to paddy farmers in India[J].Journal of Productivity Analysis,1992,3(1):153~169.
[8]Cleary S.The relationship between firm investment and financial status[J].Journal ofFinance,1999,54:673~692.
[9]Erickson T,T M Whited.Measurement error and the relationship between investmentand Q[J].Journal of Political Economy,2000,108:1027~1057.
[10]Erickson T,T M Whited.On the information content of different measures of Q[Z].Mimeo,2005,University of Iowa.
[11]Fazzari S,G Hubbard,B Peterson.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1:141~195.
[12]Gilchrist S,C Himmelberg.Evidence on the role of cash flow for investment[J].Journal of Monetary Economics,1995,36:541~572.
[13]Gomes J F.Financing investment[J].American Economic Review,2001,91(5):1263~1285.
[14]Kaplan S,L Zingales.Do investment-cash flow sensitivities provide useful measures offinancial constraints?[J].Quarterly Journal of Economics,1997,112:169~215.
[15]Myers S C,N S Majluf.Corporate financing and investment decisions when firms haveinformation that investors do not have[J].Journal of Financial Economics,1984,13:187~221.
[16]Vogt S C.The cash flow/investment relationship:Evidence from US manufacturingfirms[J].Financial Management,1994,23(2):3~20.
引用本文
连玉君, 程建. 投资—现金流敏感性:融资约束还是代理成本?[J]. 财经研究, 2007, 33(2): 38–47.
导出参考文献，格式为：
