中小企业板上市、融资约束缓解与中小企业投资效率研究

Small and Medium-Sized Enterprise Board Listing,Financing Constraints Alleviation and Investment Efficiency

文章以中小企业板上市公司为研究对象,对公司上市前和上市后的投资-现金流敏感度进行了实证检验。研究发现,上市前和上市后,企业投资对内部现金流均具有较高的敏感性,并且上市后的敏感性显著高于上市前。通过进一步检验现金持有量对投资-现金流敏感度的影响后发现,导致企业上市后投资对现金流具有更高敏感性的原因在于,企业上市后面临更强的融资约束而不是企业存在过度投资行为。

Taking the listed companies on the SME Board as the research subject, this paper conducts an empirical test on the sensitivity of investment-cash flow before and after their listing on the board. The study finds out that before and after their listing, all the corporate investments have higher sensitivity on the internal cash flow, and the sensitivity after listing is significantly higher than that before listing. Through further study of the impact of cash holdings on the investment-cash flow sen- sitivity, it is found that the reason why the corporate investment after listing has higher sensitivity over the investment-cash flow is that after going public, the enterprises are faced with stronger financing constraints, rather than their overinvestment behaviors.