现金流敏感性与企业投资行为研究——基于融资约束和财务柔性角度

发布时间：2018-02-24 19:09

本文关键词： 融资约束企业投资行为财务柔性现金流敏感性　出处：《财会月刊》2015年03期 　论文类型：期刊论文

【摘要】：本文利用2011~2013年的沪深两市A股上市公司面板数据,实际考查了在财务柔性、融资约束等因素影响下企业现金流量对企业投资结构性偏离的问题。研究结果表明,由于企业规模和现金股利政策的不同,国有企业与非国有企业所有制性质、大型企业与小型企业规模不同,企业在现金流量敏感性与投资行为方面有显著差异。本文研究还发现净资产收益率与企业投资行为呈分裂状态:国有企业、大型企业以及有股利支付的企业,净资产收益率与投资负相关;民营企业、小型企业与无股利支付的企业,净资产收益率与投资正相关。
[Abstract]:Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2013, this paper examines the structural deviation of corporate cash flow to enterprises' investment under the influence of financial flexibility, financing constraints and other factors. Because of the difference in enterprise size and cash dividend policy, the ownership nature of state-owned enterprises and non-state-owned enterprises, and the scale of large and small enterprises are different. There are significant differences in cash flow sensitivity and investment behavior between enterprises. This study also found that the net asset return is divided with the investment behavior of enterprises: state-owned enterprises, large enterprises and enterprises with dividend payments, The return on net assets is negatively correlated with investment, and the return on net assets is positively correlated with investment in private enterprises, small enterprises and enterprises without dividend payment.
【作者单位】：南京理工大学泰州科技学院商学院;
【基金】：国家自然科学基金面上项目(第三类)“金字塔结构与大股东利益侵占:内部控制的中介机理与经验证据”(编号:71002107) 中央高校基本科研业务费专项资金项目“我国高校科研经费内部控制建设与应用研究”
【分类号】：F832.51;F275

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