金融发展、融资约束与现金—现金流敏感性

Financial Development,Financing Constraints and Cash-Cash Flow Sensitivity

本文应用Almeida(2004)提出的融资约束模型,以我国A股上市公司2002—2006年期间5702个样本公司为研究样本,对金融发展、融资约束与现金—现金流敏感性三者之间的关系进行了实证研究。研究发现:我国企业普遍存在融资约束问题,现金—现金流敏感性高,民营企业和中小企业的现金—现金流敏感性高于国有企业与大型企业;金融发展能有效缓解企业的融资约束问题,降低现金—现金流敏感性,但民营企业与国有企业、中小企业与大型企业在金融发展对融资约束的缓解效应和金融发展对现金—现金流的影响方面存在显著的差异。

Based on Almeida(2004) model and the sample of 5702 A-share listed companies from 2002 to 2006,this paper studies therelationship among financial development,financing constraints and cash-cash flow sensitivity of China's listed companies.The research finds outthat: China's enterprises have the common problem of financing constraints and high cash-cash flow sensitivity;the cash-cash flow sensitivity ofprivate enterprises and SMEs is higher than that of state-owned and large enterprise;financial development can effectively relieve financingconstraints and reduce cash-cash flow sensitivity,but the effect differs between private enterprises and state-owned enterprises,and between SMEsand large enterprises.