摘要
基于融资约束理论和自由现金流量假说分析框架，以2001-2005年我国A股制造业上市公司为样本，研究了企业投资与自由现金流量之间的敏感性及其成因。研究发现，我国制造业上市公司投资与自由现金流量总体上显著正相关，低融资约束公司投资与自由现金流量的相关关系强于高融资约束公司；自由现金流量代理成本引起的过度投资，是导致两者敏感性的主要原因；预算软约束在一定程度上改变了融资约束对投资及自由现金流之间关系的影响。
From the perspective of financing constraints theory and free cash flow hypothesis, this article studies the sensitive relationship between investment and free cash flow and the cause of it by using the data of Chinese manufacturing listed companies 2001 - 2035. The study results show that： the overall significant correlation between investment and free cash flow; sensitivity of investment/free cash flow in low financing constraint higher than the high financing constraint; the reason of sensitivity relation between investment and free cash flow is over- investment because of agency costs of free cash flow; to some extent, soft budget constraint distorts the relation between investment and free cash flow under financing constraints.
出处
《山西财经大学学报》
CSSCI
2008年第12期111-117,共7页
Journal of Shanxi University of Finance and Economics
关键词
自由现金流量
投资
代理成本
融资约束
free cash flow
investment
agency costs
financing constraints
