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论文编号：	938
作者编号：	2120071965
上传时间：	2009/5/25 17:22:29
中文题目：	投资与内部现金流的敏感性关系—
英文题目：	The Empirical Research of Sens
指导老师：	肖沂
中文关键字：	公司投资 内部现金流 投资过度
英文关键字：	Company Investment Internal C
中文摘要：	在MM理论下，公司的投资决策与融资方式无关。在不完善的资本市场下，由于信息不对称和代理问题的存在，公司外部融资成本高于内部融资成本，导致投资依赖内部现金流。目前，中国资本市场存在着比较严重的信息不对称和代理问题，研究中国上市公司投资与内部现金流的关系，从微观上对了解上市公司的投融资行为，从宏观上对政府加强对上市公司的监管、优化企业投融资行为有一定的指导意义。 本文围绕学术界分歧比较大的“投资是否依赖内部现金流”、“不同融资约束下公司投资对内部现金流依赖程度”、“产生投资依赖内部现金流的动因”等问题展开研究。信息技术业“高风险、高收益、高成长性”的固有属性，使其在财务管理上与传统企业相比具有比较显著的特性。本文以2001-2006年度中国沪、深两市的63家信息技术业上市公司为研究对象，建立投资决策模型并提出相关假设，采用描述性统计分析与多元回归模型等多种方法进行分析，得出如下结论： 1．中国信息技术行业上市公司投资依赖内部现金流，销售收入对公司投资也有显著的促进作用； 2．信息技术行业公司投资对内部现金流的依赖主要是受“自由现金流假说”和代理成本理论的影响，并且普遍存在过度投资行为； 3．国有控股上市公司相比非国有控股公司，投资对内部现金流的相关程度更高，并且“投资过度”的存在也更为普遍，非国有控股公司没有过度投资倾向，受融资约束的影响。 由于中国资本市场的先天性制度缺陷以及过于集中的股权结构，“过度投资”已成为制约中国上市公司质量提升和长期持续发展的主要因素。对上市公司滥用现金流的过度投资行为进行的实证研究发现，现金流充足的上市公司更易发生过度投资。在实证研究结论的基础上，本文提出了几项政策建议：政府在政策制定中需要考虑企业微观因素、培养多种融资渠道、加强对上市公司的监管、建立完善的公司治理机制。
英文摘要：	The MM (Modiigliani and Miller) theory believes that the investment decisionis not relating to the financial way.In the inefficient and incomp -lete capital market，asymmetric information and agency Problem make the external financial cost is higher than the Internal financial cost which results the firms，investment depending on cash-fiow. Nowdays，China’s capital market is in the process of transition and exists some serious asymmetric information and agency problem. The research on company investment depending on cash flow will be meaningful in understanding the behavior of companies and in making policies for government. The topic of the relationship between investment and the cash-flow，the classification principle of the financial constraints，the relationship between financial constraints and investment depending on cash-flow, and the reasons of investment depending on cash-flow have already become the hot issues in recent years .The author selects the 63 listed information echnology industry Companies of Shanghai and Shenzhen stock markets as research objects，establishes investment decision model and brings forward relevant hypotheses based on the literature study，and ana1yzes the models by rneans Of MuItiple Regression Model and C1uster Analysis，etc .The conclusion can be reached from the empirial study as follows: 1. There is a opsitive relaitonship between investment and cash-flow，and the sales income is also the primary causation. 2. The relationship between investment and cash-flow of the firms in information technology industry is mainly due to "Free Cash Flow Hypothesis" and Agency Cost Theory.What’s more ,there is the prevalence of over-investment. 3. Compared to non-state-controlled listed companies, the investments of state-owned holding companies depend on internal cash flow to a higher extent, and the "excessive investment" is also more general.Non-state-owned holding companies do not tend to over-investment, but they are affected by financing constraints. Due to congenital defects of China's capital market as well as the over-centralized system of ownership structure, "excessive investment" has become a constraint to enhance the quality of listed companies in China and long-term sustainable development. The empirical research found that adequate cash flow listed companies more susceptible to over-investment. In the empirical basis of the conclusions of the study, this paper presents several policy recommendations: the Government's policy-making factors to be considered micro-enterprises to foster a variety of financing channels, to strengthen the supervision of listed companies, the establishment of sound corporate governance mechanisms.
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