投资现金流敏感性研究述评

A Survey on Investment Cash Flow Sensitivity

大量的经验文献支持了流动性假说,认为内部现金流是影响公司投资的一个重要因素。文中基于信息不对称下的融资约束理论与自由现金流的代理成本假说,回顾了关于投资现金流敏感性存在及其根源的国内外相关研究成果,梳理了该领域的研究脉络,并对主要结论进行了总结与评论。对文献研究发现,大多数研究均证实了投资与现金流之间具有较强的敏感性,但挖掘这种敏感性的根源却尚未达成一致的结论。尤其随着股权结构的引入,考虑到管理层内部持股的激励与堑壕效应、股权集中下控股股东的监督与侵占效应,该领域的研究纷繁复杂。但基于股权结构的研究是揭示这种敏感性的根源、探索非效率投资治理机制的有效途径。

The liquidity hypothesis has been supported by a large number of empirical literatures. It is suggested that the internal cash flow is an important factor for corporate investment. In this paper, the research results with regard to the existence and the originations of the investment cash flow sensitivity were reviewed basing on financing constraint theory of the asymmetric information and the agency costs hypothesis of the free cash flow. A main conclusion of above studies were summarized and commented. It is suggested that a strong sensitivity does exist between the investment and cash flow. However, a consensus has not been built for the originations of this sensitivity. The research in the field tends to be more complex when the incentive and entrenchment effect of management＇s insider shareholding as well as the monitoring and expropriation of large shareholder＇s control were taken into account with the introduction of ownership structure particularly. However, the research basing on ownership structure is taken as one of the effective ways to expose the originations of the investment cash flow sensitivity and explore the governance mechanisms of the non-efficient investments.