| 企业投资、现金流与产能利用率 |
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| 引用本文： | 张世国,王国成.企业投资、现金流与产能利用率[J].重庆理工大学学报(社会科学版),2017,31(1). |
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| 作者姓名： | 张世国 王国成 |
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| 作者单位： | 1. 中国社会科学院研究生院,北京,102488;2. 中国社会科学院数量经济与技术经济研究所，北京 100732; 河北经贸大学 数学与统计学院，石家庄 050061 |
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| 基金项目： | 国家自然科学基金项目“面向经济复杂性的行为建模与计算实验及应用” |
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| 摘 要： | 研究行业产能对企业投资现金流敏感性的影响，结果发现：相对于国有企业，行业发展对非国有企业投资现金流敏感性影响更大。当行业产能利用率较高时，相对于国有企业，非国有企业的投资现金流敏感性较高；反之，当行业产能利用率较低时，相对于国有企业，非国有企业的投资现金流敏感性较低。行业产能利用率下降，相对于高融资约束，国有企业融资约束较低时投资现金流敏感性相对较大。
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| 关 键 词： | 融资约束 企业投资 现金流 产能利用率 |
Investment,Cash Flow and Capacity Utilization |
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| Authors: | ZHANG Shi-guo aWANG Guo-cheng |
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| Abstract: | This paper studies the effect of industry capacity on the investment-cash flow sensitivity of firms.The results show that greater influence of industry development on the investment-cash flow sensitivity of non-state-owned enterprises is showed compared with state-owned enterprises. Specifically,when the industry capacity utilization is higher,investment-cash flow sensitivity of non-state-owned enterprises is higher than state-owned enterprises;in contrast,when the industry capacity utilization is lower,compared to state-owned enterprises,theinvestment-cash flow sensitivity of non-state-owned enterprises is lower. When the industry capacity utilization has decreased, the investment-cash flow sensitivity of state-owned enterprises was relatively large if the financing constraints are low. |
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| Keywords: | financing constraint investment cash flow capacity utilization |
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