摘要
基于中国特殊的制度环境,以2011—2013年我国沪深两市上市的战略性新兴产业企业为样本,在测度自由现金流、过度投资的基础上检验了两者之间的关系,并研究了政府干预程度、法治水平以及金融发展程度对自由现金流用于过度投资的影响。研究结果表明,我国战略性新兴产业企业管理层普遍使用所控制的自由现金流进行过度投资;金融发展对自由现金流的过度投资具有显著的抑制作用,而政府干预程度减少、法治水平提高对自由现金流过度投资的抑制作用并不显著。
This paper bases on the special system environment of China, takes the enterprises of strategic emerging industries that were listed in Shanghai of Shenzhen from 2011 to 2013 as example, verifies their relationships with the measurement of free cash flow and over-investment, and studies the influence of the government intervention, level of rule of law and financial development on over-investing with free cash flow. Research results show that managements of those strategic emerging industry enterprises widely use controlled free cash flow to over invest. The financial development has a significant inhibition of over-investment with free cash flow, while reducing government intervention or improving the level of rule of law does not.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2016年第11期52-63,共12页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金项目(16BJY174)
教育部人文社科基金(14YJA630071)的资助
关键词
政府干预
法治水平
金融发展
自由现金流
过度投资
government intervention
rule of law
financial development
free cash flow
over-investment
