| 产权结构与企业投资-现金流敏感性的实证分析 |
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| 引用本文： | 赵晨.产权结构与企业投资-现金流敏感性的实证分析[J].河南工业大学学报(社会科学版),2008,4(2):9-12. |
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| 作者姓名： | 赵晨 |
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| 作者单位： | [1]浙江大学经济学院,湖北武汉430064; [2]中国网通集团有限公司河南省分公司,河南郑州453006 |
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| 摘 要： | 通过检验、比较我国不同产权结构的上市公司的投资一现金流敏感性得出结论：产权结构对我国企业的融资约束和投资行为产生了重要影响。国有股比重越高，则企业所受的融资约束越低，现金流对投资的影响也就越小。国有绝对控股的企业基本上没有受到任何融资约束，而国有股比重较低的企业则面临严重的融资约束。
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| 关 键 词： | 产权 融资约束 投资 现金流 |
AN EMPIRICAL STUDY OF PROPERTY RIGHT STRUCTURE & ENTERPRISE INVESTMENT-CASH FLOW SENSITIVITY |
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| ZHAO Chen.AN EMPIRICAL STUDY OF PROPERTY RIGHT STRUCTURE & ENTERPRISE INVESTMENT-CASH FLOW SENSITIVITY[J].Journal of Henan University of Technology:Social Science Edition,2008,4(2):9-12. |
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| Authors: | ZHAO Chen |
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| Institution: | ZHAO Chen ( School of Economics, Zhejiang University, Hangzhou.... China ; Henan Division, C. N. N. Co. Ltd, Zhengzhou 430064, China) |
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| Abstract: | After examining and comparing the investment - cash flow sensitivity of the listed companies with different property right structures, this article reaches a conclusion： the property right structure has significant effect on enterprises＇ financing and investing. The higher the proportion of state - owned shares , the fewer the financing bounds, the smaller the influence of the cash flow on investment. State - owned holding enterprises are not handicapped by any financing restraint, but enterprises with lower proportion of state - owned shares face serious financing restraints. |
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| Keywords: | property right financing restraint investment cash flow |
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