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论文编号：	949
作者编号：	2120072068
上传时间：	2009/5/25 21:25:57
中文题目：	民营上市公司投资-现金流敏感性
英文题目：	Research on Investment-cash F
指导老师：	李维安 教授
中文关键字：	民营企业;投资-现金流敏感性;融<
英文关键字：	Individual-controlled firms;In
中文摘要：	由于信息不对称和代理问题，完美资本市场在现实中并不存在，外部融资成本要高于内部融资成本，企业进行融资时会面临融资约束，导致公司投资-内部现金流的敏感性。企业面临的融资约束越大，公司投资就越依赖内部现金流。企业的政治关系被看成一种声誉机制，可以缓解企业外部融资时面临的信息不对称程度，降低企业投资-内部现金流的敏感性。 投资－现金流敏感性的理论动因有两种：融资约束的信息不对称理论和过度投资的自由现金流代理成本理论。本文选取2003-2006年沪深两市1025个民营上市公司样本为研究对象，研究我国民营上市公司投资与内部现金流的敏感性关系以及敏感性的动因。在此基础上，检验高管的政治关系与投资－现金流的敏感性之间的关系。 在实证研究的过程中，本文采用OLS方法进行回归。研究结果显示，民营上市公司投资支出与内部现金流量显著正相关，融资约束的信息不对称理论是民营上市公司投资－现金流敏感性的理论动因。按已获利息倍数作为融资约束的代理变量发现，已获利息倍数越低，即融资约束越大，投资－内部现金流的敏感性越强。进一步研究还发现，企业的政治关系降低了投资－现金流的敏感性，即拥有政治关系的企业比无政治关系的企业投资－现金流敏感性要低。最后，本文根据研究结果提出了关于我国资本市场和民营企业发展的建议。
英文摘要：	For the existence of such factors as asymmetric information and managerial agency problems, the actual capital market is not perfect. External financing cost is higher than the internal financing cost obviously. The company will meet the financing constraints when external financing, which lead to positive investment-cash flow sensitivities. The more financing constraints it meets, the more the company will prefer using internal cash flow to invest. the political connection is sort of reputation institution, which can mitigate the financing constrains of asymmetric information，and investment-cash flow sensitivities will be weaker. The reasons that induce investment-cash flow sensitivities can be categorized as two reasons: one of it is the asymmetric information theory, which suggests that investment will fluctuate in internal funds for firms with good prospects when these firms face a premium on external funds, and the other one is the free cash flow agency cost theory, which suggests that overinvestment of firms with bad prospects exhaust their free cash flow. Using 1,025 samples of China individual-controlled Listed firms during he period of 2003-2006.This paper investigates the investment-cash flow sensitivity of China individual-controlled Listed firms and the inhere motivation of corporate investment behavior. What is more, we examine the link between political connection and investment-cash flow sensitivities in China’s listed firms Using OLS method of return to empirical study, we find that the investment spending of China individual-controlled Listed firms significantly dependent on internal cash flow. As for the inherent motivation, the result shows that information asymmetric theory is the main cause of investment-cash flow sensitivities, and the degree of this constrain is deeper when financial constraints are measured by the number of times interest earned. The political connection can mitigate investment-cash flow sensitivities. The investment-cash flow sensitivities of firms which have political connection are weaker than that of firms which don’t have political connection. Finally, this paper suggests some recommendations to the situation of Chinese capital market and the development of individual-controlled Firms.
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