制度环境对投资—现金流敏感性影响的实证研究
发布时间：2018-09-03 06:07
【摘要】：随着市场经济的发展，投资-现金流敏感性已经逐渐成为当前投资理论研究的热点。学术界对投资-现金流敏感性的研究多集中在三个方面：投资-现金流敏感性的存在性分析，投资-现金流敏感性的主导动因分析，投资-现金流敏感性的相关应用分析。近期的投资行为研究认为，一个国家或地区的政治环境和制度背景都会对该国或地区的企业投资产生明显的影响，而由于我国地区发展不平衡，不同地区制度环境也有所差异。本文在此基础上，着重分析制度环境对我国企业投资-现金流敏感性的影响。 本文以市场化进程、金融发展、政府干预、法制水平作为制度环境的替代变量，选择2001-2009年非金融A股上市企业作为研究样本，，利用FGLS回归方法分析制度环境对投资-现金流敏感性的影响，并进一步以地区和企业性质将样本进行分类来研究制度环境对投资-现金流敏感性的影响是否存在差异。本文通过多个角度的实证设计，得出以下实证结果：市场化进程的加快、金融发展水平和法制水平的提高都在一定程度上缓解企业融资约束，进而降低投资-现金流敏感性，而由于企业性质的不同，政府干预程度在企业投资行为上存在明显强弱，从而对投资-现金流敏感性的影响不同，因此，在研究政府干预对企业投资-现金流敏感性的影响时，企业性质应作为重要因素进行考虑。 本文最后根据制度环境对我国企业投资-现金流敏感性的研究，为优化企业的投资行为，提出了相对应的政策性建议。
[Abstract]:With the development of market economy, the sensitivity of investment-cash flow has gradually become the focus of investment theory. The research on investment-cash flow sensitivity is mainly focused on three aspects: the existential analysis of investment-cash flow sensitivity, the dominant motivation analysis of investment-cash flow sensitivity, and the relevant application analysis of investment-cash flow sensitivity. Recent studies on investment behavior suggest that the political environment and institutional background of a country or region will have a significant impact on the investment of enterprises in that country or region. However, due to the imbalance of regional development in China, different regions have different institutional environments. On this basis, this paper analyzes the impact of institutional environment on the sensitivity of Chinese enterprises to investment-cash flow. Taking market-oriented process, financial development, government intervention and legal level as the substitute variables of institutional environment, this paper selects non-financial A-share listed enterprises as the research samples from 2001 to 2009. The influence of institutional environment on investment-cash flow sensitivity is analyzed by using FGLS regression method, and the influence of institutional environment on investment-cash flow sensitivity is studied according to the characteristics of region and enterprise. Through the empirical design from several angles, the following empirical results are obtained: the acceleration of the marketization process, the improvement of financial development level and the improvement of the legal level, to a certain extent, ease the financing constraints of enterprises, and then reduce the sensitivity of investment-cash flow. Because of the different nature of the enterprise, the degree of government intervention has obvious strong or weak in the enterprise investment behavior, thus the influence on the investment-cash flow sensitivity is different. Therefore, when studying the influence of the government intervention on the enterprise investment-cash flow sensitivity, The nature of the enterprise should be considered as an important factor. Finally, based on the study of the sensitivity of institutional environment to the investment-cash flow of Chinese enterprises, the corresponding policy suggestions are put forward in order to optimize the investment behavior of enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
[Abstract]:With the development of market economy, the sensitivity of investment-cash flow has gradually become the focus of investment theory. The research on investment-cash flow sensitivity is mainly focused on three aspects: the existential analysis of investment-cash flow sensitivity, the dominant motivation analysis of investment-cash flow sensitivity, and the relevant application analysis of investment-cash flow sensitivity. Recent studies on investment behavior suggest that the political environment and institutional background of a country or region will have a significant impact on the investment of enterprises in that country or region. However, due to the imbalance of regional development in China, different regions have different institutional environments. On this basis, this paper analyzes the impact of institutional environment on the sensitivity of Chinese enterprises to investment-cash flow. Taking market-oriented process, financial development, government intervention and legal level as the substitute variables of institutional environment, this paper selects non-financial A-share listed enterprises as the research samples from 2001 to 2009. The influence of institutional environment on investment-cash flow sensitivity is analyzed by using FGLS regression method, and the influence of institutional environment on investment-cash flow sensitivity is studied according to the characteristics of region and enterprise. Through the empirical design from several angles, the following empirical results are obtained: the acceleration of the marketization process, the improvement of financial development level and the improvement of the legal level, to a certain extent, ease the financing constraints of enterprises, and then reduce the sensitivity of investment-cash flow. Because of the different nature of the enterprise, the degree of government intervention has obvious strong or weak in the enterprise investment behavior, thus the influence on the investment-cash flow sensitivity is different. Therefore, when studying the influence of the government intervention on the enterprise investment-cash flow sensitivity, The nature of the enterprise should be considered as an important factor. Finally, based on the study of the sensitivity of institutional environment to the investment-cash flow of Chinese enterprises, the corresponding policy suggestions are put forward in order to optimize the investment behavior of enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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相关期刊论文 前10条
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