内部现金流与中国上市公司投资行为:一个综合分析框架

Internal Cash Flow and Listed Companies' Investment in China: A General Analysis Framework

本文根据西方有关研究以及中国现实的经济体制背景,在一个综合模型框架下分析了内部现金流对企业投资行为的影响,并利用我国上市公司的财务数据,实证检验了这种影响。研究表明,除特殊情形外,根据企业的不同特征(权重γ的大小或自由现金流的高低),无论是投资不足还是过度投资,企业投资对现金流都是敏感的。相对投资不足行为,国有控股企业的投资过度行为更为显著;而非国有控股企业的这两种行为均较为显著。本文在上述结论的基础上还提出了有关的政策建议。

Based on China current economic structure and related researches,this paper analyzes and tests the effect of internal cash flow on corporate investment behaviors with China listed companies' data in the framework of an overall model.Our research shows that corporate investment(for both under-and over-investment) is sensitive to cash flow under different corporate characteristics(weight γ or free cash) with some exceptions.The effect of over-investment for state-owned firms is more significant than that of under-investment,while the effect of both over-and under-investment for non-state-firms is significant.We also provide some policy recommendations.