上市公司投资支出与融资约束敏感性研究

Research on the Sensitivity between Financial Constraint and Investment Expenditure of Listed Companies in China

从分析融资约束的影响因素入手,运用主成分分析法构建了度量融资约束的指标体系,实证检验融资约束对投资支出的影响程度,在一定程度上避免了单一指标对实证研究造成的偏差,并将融资约束引入投资的多元回归模型,建立投资与融资约束的联系;研究其敏感性,分析在内部现金流量和投资机会有所变化时投资-融资约束敏感性的差异。实证结果表明,融资约束对投资有制约作用,公司受到的融资约束越大,投资支出就会越小;投资机会和内部现金流量对融资约束的制约作用有影响,托宾Q大于1和内部现金流量为负的企业投资-融资约束敏感性更弱。

In order to verify the influence on the financial constraint and investment expenditure, the paper builds the measurement system of financial constraint based on the analyses the infection factor of financial constraint, avoiding the warp of the single index to the empirical research, puts the financial constraint value to the investment multivariate regression model, builds the relation of investment and the financial constraint, and studies their sensitivity. The paper also analyzes the difference of the sensitivity between financial constraint and investment expenditure when the interior cash flow and the investment chance change. The empirical result shows that financial construct has influence on investment expenditure, which are negative correlation.