中国制造业投资-现金流敏感性的实证研究

发布时间：2018-03-30 21:49

本文选题：投资-现金流敏感性　切入点：融资约束　出处：《华东师范大学》2017年硕士论文

【摘要】：随着我国金融改革的深入和全球经济一体化水平的提高,经济波动的风险和频率不断增加。面对日益复杂的环境,制造业企业如何处理投资与内部现金流关系,对其自身发展有着重要意义。本文利用2002-2015年我国A股制造业上市公司的面板数据,以次贷危机为时间节点把货币政策划分为宽松与紧缩两个阶段,以资产规模大小及资产负债率高低为融资约束指标把企业分为不同组别,研究货币政策、融资约束与企业投资-现金流敏感性之间的关系。研究结果表明:我国制造业企业投资-现金流为U型结构,且货币政策宽松时期为正U型,货币政策紧缩时期为倒U型,低资产负债率企业为正U型,高资产负债率企业为倒U型;融资约束程度与投资-现金流敏感性正相关;货币政策的变动影响着企业投资-现金流敏感性,表现为宽松时期投资-现金流敏感性下降,紧缩时期投资-现金流敏感性增加。同时货币政策变动对融资约束不同的企业的投资-现金流敏感度表现出非对称性,且对低融资约束企业的影响大于对高融资约束企业的影响。本文的研究一定程度上丰富了有关货币政策、融资约束与企业投资-现金流敏感性的实证研究,为宏观货币政策制定提供微观基础,为企业投融资决策提供较为全面的参考因素。
[Abstract]:With the deepening of China's financial reform and the improvement of the level of global economic integration, the risks and frequency of economic fluctuations are increasing. In the face of the increasingly complex environment, how to deal with the relationship between investment and internal cash flow in manufacturing enterprises? This paper makes use of the panel data of China's A share manufacturing listed companies from 2002 to 2015 and divides monetary policy into two stages of easing and tightening with the subprime mortgage crisis as the time node. Taking the size of assets and the ratio of assets to liabilities as financing constraints, enterprises are divided into different groups to study monetary policy. The relationship between financing constraints and investment-cash flow sensitivity of enterprises. The results show that the investment-cash flow of manufacturing enterprises in China is U-type structure, and the monetary policy easing period is positive U-type, and the monetary policy tightening period is inverted U-type. Low asset-liability ratio enterprises are positive U type, high asset-liability ratio enterprises are inverted U type, the degree of financing constraint is positively correlated with investment-cash flow sensitivity, and the change of monetary policy affects the investment-cash flow sensitivity of enterprises. It is shown that the sensitivity of investment-cash flow decreases in the loose period, and the sensitivity of investment-cash flow increases in the period of austerity. Meanwhile, the monetary policy changes show asymmetric sensitivity to the investment-cash flow of the enterprises with different financing constraints. And the influence on the enterprises with low financing constraints is greater than that on the firms with high financing constraints. To some extent, the research in this paper enriches the empirical research on monetary policy, financing constraints and the sensitivity of enterprises' investment-cash flow. It provides micro-basis for macro-monetary policy formulation and a more comprehensive reference factor for enterprise investment-financing decision.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7;F832.51

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