融资约束与现金—现金流敏感度——来自国内A股上市公司的经验证据

The Cash-Cash Flow Sensitivity and the Financial Constraint:An Empirical Evidence from Chinese A-share Listed Companies

国内学者对融资约束的研究,主要考察公司的投资—现金流敏感度,但国外学者对此尚存在争议。为此,本文以Heitor等人首次提出的现金—现金流敏感度来研究国内A股上市公司的融资约束问题。结果表明,存在融资约束的公司,其现金对现金流正向敏感;不存在融资约束的公司,其现金对现金流不敏感。进一步的研究发现,现金—现金流敏感度分别与公司盈利能力和偿债能力负相关,融资约束程度与公司盈利能力和偿债能力变动方向相反,因而融资约束程度与现金—现金流敏感度呈同向变动关系。

The literature on financial constraints of firms usually focuses on examining the investment-cash flow sensitivity, which, however, is questioned by some researchers abroad. By means of the method presented initially by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate that the financially constrained firms display significantly positive cash-cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. Furthermore, the cash-cash flow sensitivity is significantly in negative correlation with the firm's ability of earning profit and repaying debt,and the firm's ability of earning profit and repaying debt changes in opposite directions with the degree of the financial constraint, thus the cash-cash flow sensitivity and the financial constraint change in the same direction.