企业投资与企业的流动性——基于中国制造业的面板数据分析

Firm's Investment and Liquidity:Based on the Panel Data of Chinese Manufacturing Firms

文章以中国的制造业为研究对象,分析了中国企业的投资与现金流量和托宾Q之间的关系,同时,对受资金约束强的企业和受资金约束弱的企业进行比较分析,以检验投资对现金流量的敏感度是否能反映流动性约束的存在。另外,文章还分析了企业持有的流动资产的作用,并考察了企业持有的流动资产是否能降低企业潜在的流动性风险,从而促进企业的投资支出这一问题。研究结果表明,企业投资与现金流量之间存在着正相关关系,但投资对现金流量的敏感度并不能说明流动性约束的存在。另外,企业的部分现金流向了流动资产,而流动资产的增加并没有给企业带来机会成本,而是增加了企业价值。

This paper investigates the relation between investment of firms and cash flow, Tobin＇ s Q using the panel data set of Chinese manufacturing firms. Moreover, we compare the investment-cash flow sensitivity of financially constrained firms and not financially constrained firms in order to test whether the investment-cash flow sensitivity reflects financing constraints. We also analysis the effect of current asset and whether current asset can reduce potential liquidity risks. Our findings suggest firm＇s investment is significantly related to cash flow, but the investment-cash flow sensitivity can＇t explain that Chinese firms are constrained by liquidity. In addition, firms invest current assets using cash flow, however, the increasing of current assets does not add opportunity cost but increase firm＇s value.