过度投资与自由现金流关系的实证研究——结合中国上市公司数据

An Empirical Study on the Relationship Between Over-investment and Free Cash Flow:an Empirical Evidence from Chinese Listed Companies

为了考察过度投资和自由现金流的关系,对过度投资和自由现金流进行以会计资料为基础的量化,使得过度投资与自由现金流能够可以根据会计报表的数据推算,结合5030个中国A股上市公司2000—2006年的样本统计数据,验证Jensen的自由现金流量假说,并从成长机会、上市公司过度投资的计量和上市公司"过度投资"与自由现金流的敏感性三个方面进行了稳健性检验.实证研究表明,自由现金流为正的公司确实更容易发生过度投资行为,过度投资程度与自由现金流量水平正相关.

This paper examines the relationship between over-investment and free cash flow, quantifying them with accounting information, and over-investment and free cash flow can be calculated by the data of accounting statements on Chinese capital market. Based on Scott Richardson＇s framework to measure over-investment and free cash flow, it introduces a new method to test Jensen＇s famous hypothesis about free cash flow. This paper also makes a robustness test on three aspects： growth opportunity, measure of the Chinese companies＇ over-investment, the sensitivity between the Chinese companies＇over-investment and free cash flow. It finds that firms with positive free cash flow over-invest more often. Empirical evidence has shown positive correlation between over-investment and free cash flow.