| 自由现金流代理成本假说还是过度自信假说?——中国上市公司投资——现金流敏感性的实证研究 |
| |
| 引用本文： | 李云鹤,李湛.自由现金流代理成本假说还是过度自信假说?——中国上市公司投资——现金流敏感性的实证研究[J].管理工程学报,2011,25(3). |
| |
| 作者姓名： | 李云鹤 李湛 |
| |
| 作者单位： | 上海交通大学安泰经济与管理学院,上海,200052 |
| |
| 摘 要： | 企业投资现金流敏感性问题可以由现金流代理假说解释,也可以由管理者过度自信假说解释,本文以企业的成长性、现金流特征为划分指标对企业进行分组,并以此来区分与检验两种理论假说。研究结果显示,自由现金流代理问题较为严重的低成长—高现金流企业,将会发生企业过度投资。同样,过度自信问题较为严重的高成长—高现金流企业,也将发生企业过度投资。实证研究结果即支持了自由现金流代理假说,也支持了过度自信假说。
|
| 关 键 词： | 投资现金流敏感性 自由现金流 代理成本 过度自信 |
Free Cash Flow Agency Hypothesis or Managerial Overconfidence Hypothesis:Empirical research on Investment-cash Flow Sensitivities of Chinese Listed Companies |
| |
| LI Yun-he,LI Zhan.Free Cash Flow Agency Hypothesis or Managerial Overconfidence Hypothesis:Empirical research on Investment-cash Flow Sensitivities of Chinese Listed Companies[J].Journal of Industrial Engineering and Engineering Management,2011,25(3). |
| |
| Authors: | LI Yun-he LI Zhan |
| |
| Institution: | LI Yun-he,LI Zhan(1.Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200052,P.R.China) |
| |
| Abstract: | As one of the more focus issues of corporate finance today,corporate investment cash flow sensitivity is the important manifestation of corporate inefficiency capital allocation,and it also reflects the governing efficiency of corporate governance.There are two main different explanations to corporate investment-cash flow sensitivity from perspective of managerial behavior;those are Free Cash Flow Agency Cost Hypothesis and Managerial Overconfidence Hypothesis.However,the existing researches on corporate in... |
| |
| Keywords: | Investment-cash Flow Sensitivity Free Cash Flow Agency Cost Overconfidence |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
|
