现金流量与公司投资决策——从公司规模角度的实证研究

Cash Flow and Corporate Investment Decision——An Empirical Study from Perspective of the Size of Corporations

根据现代公司金融理论,将融资因素引进公司的投资模型,研究不同规模的公司投资与现金流量的关系,并探寻不同规模公司投资决策行为差异的背后动机。实证研究发现:大规模公司投资对现金流量的敏感性要高于小规模公司,动因检验的结果表明大规模公司投资依赖于现金流量源于信息不对称理论,小规模公司源于自由现金流量的代理成本理论,这为我国完善资本市场、制定合理政策提供了借鉴的依据。

This paper introduced financial factor into corporate investment model according to current corporate financial theory, studied the relation between investment and cash flow of companies with different size, and further tested the inherent motivation behind investment behavioral differences. Empirical study has shown that investment is more sensitive to cash flow in companies of larger size than of smaller size. The result of inherent motivation shown investment depending on cash flow in companies of larger size is caused by information asymmetric theory, while firm of smaller size is caused by free cash flow agency cost theory. The conclusion offers referential framework perfecting China's capital market and making rational policies.