融资约束、现金持有与上市公司非效率投资之间关系研究

The Research of the Relationship Among Financing Constraints,Cash Holdings and Inefficient Investment

非效率投资约束了上市公司价值增值及可持续发展。在评析融资约束、现金持有与上市公司非效率投资之间关系相关研究文献的基础上,文章将融资约束量化为融资约束指数。以融资约束指数、现金持有和非效率投资为切入点,经过标准化处理,设计模型来研究融资约束、现金持有与非效率投资的关系。最后根据实证分析、论文假设验证及研究结论提出了相关建议。

Inefficient investment is becoming a direct obstacle,lists companies＇ value- added business and expands the scale of development. Commenting on financing constraints,cash holdings and company inefficient investment,papers quantify the financial constraints to financing constraints index. Financial constraints index,inefficient investment and cash holdings as a starting point,standardized treatment,papers design model to study the financing constraints,cash holdings and Inefficient Investment Relations. Finally,based on empirical analysis,hypothesis testing and research papers conclusions made recommendations.