我国上市公司投资-现金流敏感度实证研究

Empirical Research on the Sensitivity Investment-cash Flow in Chinese Listed Companies

运用回归分析和因子分析法,对国内A股上市公司的投资-现金流敏感度及其影响因素进行了实证研究。结果表明:投资-现金流敏感度不能反映公司的融资约束程度,这与一些国内学者的观点不一致;上市公司的投资-现金流敏感度与其盈利能力显著正相关,与其偿债能力显著负相关;民营上市公司的投资-现金流敏感度低于国有上市公司,但其盈利能力也显著低于国有上市公司。因此,民营上市公司较低的投资-现金流敏感度并不表明其融资约束程度也较低;相反,这正说明民营上市公司因受到融资约束而存在投资不足的问题。

The sensitivity of investment-cash flow in Chinese A-share listed firms and its influenc- ing factors were researched empirically by linear regression and factors reduce method. The results show that： （1） the degree of the financing constraints can not be mirrored by the investment-cash flow sensitivity in the listed firms, which disagrees with the opinions from some Chinese researchers in this field; （2） the sensitivity is positively correlated with the profit earning power but negatively with the repaying debt power; （3） the sensitivity in the listed firms controlled by private individuals is lower than that of listed firms controlled by the state. But it does not imply that the financing con- straints degree of listed firms controlled by private individuals is also lower because their profit earn- ing power is significantly lower than that of listed firms controlled by the state, which indicate that they face more the financing constraints and have underinvestment problems.