融资约束与公司投资关系研究综述

Financing Constraints and Corporate Investment

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。

The relation between firm financing constraints and investment-cash flow sensitivity has been the topic of an important debate in recent years, and financing constraint refers to the situation where investment is affected by the size of internal funds, because of the wedge between the costs of internal and external funds. This paper analyzes the factors that influences financing constraints, presents the relation between investment and internal and external financing, and summarizes the previous researches about the models on investment-cash flow sensitivity. Finally, the paper suggests some recommendations as an reference to the real situation of Chinese public companies.