融资约束、过度投资与现金流的价格敏感性

Financing Constraints,Overinvestment,and Cash Flow-price Sensitivity

已有研究证实了盈余管理、会计稳健性以及边际投资收益递减规律均可能影响应计成分的持续性,揭示了资本市场对盈余的应计成分不存在"功能锁定"现象,但鲜有研究关注盈余的现金流成分与股价关系的影响因素。文章发现,过度投资会显著地降低现金流的价格敏感性,且对于现金持有水平高及融资约束程度高的公司,过度投资对现金流价格敏感性的影响更为显著。文章的研究结论一方面从经营活动现金流的价格敏感性视角揭示了过度投资的负面经济后果,另一方面也证实了市场对经营活动现金流同样不存在"功能锁定"现象。

Studies have confirmed that earnings management, accounting conservatism, and law of diminishing marginal investment returns all may affect the persistence of accrued earnings, and reveal that the capital market exerts no impact of ＂functional fixation＂ on accrued earnings. But little research focuses on the factors for the relationship between cash flow and share prices. This paper finds that overinvestment will significantly ease cash flow-price sensitivity, and for the companies with high-level cash holdings and tighter financing constraints, the negative relation between overinvestment and the cash flow-price sensitivity is stronger. This paper reveals the negative economic consequences of excessive investment from the perspective of cash flow-price sensitivity, on the other hand also confirms that the capital market exerts no impact of ＂functional fixation＂ on cash flow.