中国企业投资与内部融资敏感性影响因素分析──来自中国制造行业上市公司的证据

An Analysis on the Sensitivity determinants of Corporate Investment-internal Finance

以中国制造行业的上市公司为样本,研究投资─现金流敏感性的影响因素结果表明:投资支出对现金流很敏感,以企业规模作为度量融资约束的变量,未能支持融资约束影响投资与现金流敏感性的观点,以股利支付率作为度量融资约束的变量,检验结果为融资约束越强,投资与现金流敏感性程度越高的观点提供了证据。投资─现金流敏感性主要是信息不对称引起的融资约束所致。

Discusses the determinants of corporate investment-internal finance sensitivity based on the sample of manufacturing industry listed corporate of China, the results show that corporate investment is very sensitive to cash flow. When the companies are classified by the firm size, the results could not support the view that the financing constraint can be used to explain the relation between investment and cash flow. When the dividend payout used as the standard of financing constraint, empirical study has shown that the investment-internal finance sensitivity is higher in the low dividend payout firms. The sensitivity of investment-cash flow are caused by the financial constraints because of asymmetry information hypothesis.