金融危机背景下的所有权性质与投资现金流敏感性研究

Research on Ownership Nature and Investment-Cash Flow Sensitivity Under Financial Crisis

本文以2007年金融危机以来宽松的宏观经济政策为研究背景,选取2007～2011年度中国沪深两市A股上市公司作为研究样本,采用投资现金流敏感性模型及Richardson预期投资模型,对不同所有权性质企业的投资现金流敏感性和投资效率进行研究。研究发现,地方国有企业与民营企业的投资现金流敏感性强于中央国企;地方国企存在过度投资行为,而民营企业则存在投资不足。

Under the background of loose macroeconomic policy from the financial crisis in 2008, this paper investigates the investment - cash flow sensitivity of firms with different ownership nature, we use the sample of firms listed on the Chinese Ashare market during the period of 2007 -2011. In empirical part,we adopt the model of investment cashflow sensitivity and the model of Richardson （2006）. Our research finds that the investment - cash flow sensitivity of companies controlled by local government and nature persons are stronger than state owned enterprises; Companies controlled by local government are overinvestment, companies controlled by nature persons are underinvestment