With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share...With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate： （1） the financially constrained firms display significantly positive cash- cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. （2） The cash-cash flow sensitivity is significantly negatively correlated with firms＇ earning profit ability and repaying debt ability, and the degree of the financial constraint changes in opposite directions with firms＇ earning profit ability and repaying debt ability, thus the cash-cash flow sensitivity and the degree of the financial constraint changes in the same direction.展开更多
In this article stochastic perturbations of a class of fat solenoidal attractors are considered. We show the robustness of their invariant densities and rates of mixing under the stochastic perturbations by investigat...In this article stochastic perturbations of a class of fat solenoidal attractors are considered. We show the robustness of their invariant densities and rates of mixing under the stochastic perturbations by investigating the properties of their transfer operators.展开更多
文摘With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate： （1） the financially constrained firms display significantly positive cash- cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. （2） The cash-cash flow sensitivity is significantly negatively correlated with firms＇ earning profit ability and repaying debt ability, and the degree of the financial constraint changes in opposite directions with firms＇ earning profit ability and repaying debt ability, thus the cash-cash flow sensitivity and the degree of the financial constraint changes in the same direction.
文摘In this article stochastic perturbations of a class of fat solenoidal attractors are considered. We show the robustness of their invariant densities and rates of mixing under the stochastic perturbations by investigating the properties of their transfer operators.
