企业社会资本、融资约束与投资——现金流敏感性研究

Study on Enterprise Social Capital,Financial Constrain and Investment-Cash Flow Sensitivity

利用企业社会资本理论,以2007-2010年在深圳中小板上市的352家上市公司为样本,研究企业社会资本与融资约束对投资——现金流敏感性的共同影响,结果表明:企业社会资本显著影响投资——现金流敏感性,企业社会资本越大的企业其投资——现金流敏感性也越高;在企业社会资本相同大的条件下,融资约束低的企业比融资约束高的企业有更高的投资——现金流敏感性;在企业社会资本相同小的条件下,投资——现金流敏感性的变化随着融资约束程度的减小呈现U型。

Using the theory of enterprise social capital and the dataes of 352 listed company from the small and medium board from 2007 to 2010,this paper empirically studies the relation between financial constrain and investment-cash flow sensitivity.The empirical results show that investment-cash flow sensitivity is influenced by enterprise social capital and financial constrain in common,and enterprise social capital is positive correlation with investment-cash flow sensitivity.And the result shows that investment-cash flow is enhanced with the reduction of financial constrain in the large enterprise social capital group,and investment-cash flow sensitivity shows the U-shaped change with lower financial in the small enterprise social capital group.