投资—现金流敏感性衡量企业融资约束的有效性——基于我国创业板上市公司的实证分析

Effectiveness of Investment-cash Flow Sensitivity on Measuring Financing Constraints——An Empirical Analysis Based on China's GEM Board Companies

首先基于FHP与KZ对"投资—现金流敏感性"话题的争论,梳理并分析了两种观点的价值与分歧。然后基于2009—2013年我国创业板上市公司的数据,并根据规模大小将样本分为三个类别,实证研究了投资—现金流敏感性与融资约束的关系。结论表明:我国创业板上市公司普遍存在着融资约束;"公司规模越大、融资约束越小"的观点并不适用于我国的创业板上市公司;我国创业板上市公司的经验数据在一定程度上适用"KZ批判";融资约束只是投资—现金流敏感性差异的原因之一,并不能用融资约束完全解释投资—现金流敏感性。

Firstly,this paper summarizes and analyzes the value and differences between the debate on thetopic of ＂investment-cash flow sensitivity＂proposed by FHP and KZ. Then,based on the data of the GEMBoard companies in China from 2009 to 2013,the paper divides the sample into three categories accordingto the size and empirically researches the relationships between investment-cash flow sensitivity andfinancing constraints. Conclusions show that there exist widespread financing constraints in the GEM Boardcompanies. What’s more,the point that “the greater the company size,the smaller the financing constraints”does not apply to the GEM Board companies in China,and the practices of GEM Board companies apply to“KZ criticism” to a certain extent. Finally,financing constraint is only one reason for the difference of theinvestment-cash flow sensitivity, so it can not be used to fully explain the financing constraints of thecompanies.