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
This paper concentrate on related theories based on moral hazard and agency costs to divide the stakeholder into two categories. By making several assumptions, we establish the overlapping-generations model based on g...This paper concentrate on related theories based on moral hazard and agency costs to divide the stakeholder into two categories. By making several assumptions, we establish the overlapping-generations model based on genetic replication equation and analyze the stakeholder in stock market with evolutionary game and then conclude the evolutionary equilibrium based on data of Chinese stock market.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This paper concentrate on related theories based on moral hazard and agency costs to divide the stakeholder into two categories. By making several assumptions, we establish the overlapping-generations model based on genetic replication equation and analyze the stakeholder in stock market with evolutionary game and then conclude the evolutionary equilibrium based on data of Chinese stock market.
