融资约束、存货持有行为与企业投资效率——来自我国制造业上市公司的经验证据
发布时间：2018-10-23 14:14
【摘要】：基于我国制造业上市公司2007-2015年的非平衡面板数据,检验了企业存货调整量对内部现金流的敏感性,以及存货持有量对投资效率产生的影响。实证结果表明,融资约束企业表现出更高的存货—现金流敏感性。并且,在融资约束企业中,存货持有量与投资效率之间存在着倒“U”型关系。结论为:存货是企业中重要的内部融资来源之一,通过存货持有量的调整能够实现流动性资源的跨期配置,据以推动融资约束企业的投资效率。
[Abstract]:Based on the non-equilibrium panel data of Chinese manufacturing listed companies from 2007 to 2015, the sensitivity of inventory adjustment to internal cash flow and the influence of inventory holdings on investment efficiency are tested. The empirical results show that the firms with financing constraints are more sensitive to inventory-cash flow. Moreover, there is an inverted U-type relationship between inventory holding and investment efficiency in financing constrained enterprises. The conclusion is that inventory is one of the most important internal financing sources in enterprises, and the intertemporal allocation of liquidity resources can be realized through the adjustment of inventory holdings, so as to promote the investment efficiency of enterprises constrained by financing.
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本文编号：2289486
[Abstract]:Based on the non-equilibrium panel data of Chinese manufacturing listed companies from 2007 to 2015, the sensitivity of inventory adjustment to internal cash flow and the influence of inventory holdings on investment efficiency are tested. The empirical results show that the firms with financing constraints are more sensitive to inventory-cash flow. Moreover, there is an inverted U-type relationship between inventory holding and investment efficiency in financing constrained enterprises. The conclusion is that inventory is one of the most important internal financing sources in enterprises, and the intertemporal allocation of liquidity resources can be realized through the adjustment of inventory holdings, so as to promote the investment efficiency of enterprises constrained by financing.
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本文编号：2289486
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