投资—现金流敏感性:融资约束还是代理成本?
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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。
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[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.
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[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.
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