摘要
以我国制造业上市公司为样本实证研究了大股东对公司投资—现金流敏感性的影响。实证研究结果表明我国制造业上市公司投资支出与内部现金流之间存在正相关关系,即存在投资—现金流敏感性,分析了第一大股东身份的不同对投资-现金流敏感性产生不同程度影响的原因。
Based on the samples of China＇ s manufacturing listed companies, this article empirically investigates the influence of the big shareholders＇ ownership on a firm＇ s investment--cash flow sensitivity. Through the empirical research, some conclusions can be drew. Finally, the article analysis the reason why the different statuses of shareholders generate varying degrees of irtf/uence on the investment - cash flow sensitivity.
出处
《经济问题》
CSSCI
北大核心
2011年第12期62-65,共4页
On Economic Problems
关键词
制造业上市公司
大股东
投资-现金流敏感性
manufacturing listed company
big shareholder
investment - cash flow sensitivity
