用综合财务指标衡量企业融资约束

投资现金流敏感性是关于企业融资约束研究中普遍采用的方法,但近十年以来对该方法的合理性有越来越多的争议。本论文以kaplan和Zingales的研究为基础,选择中国上市公司样本数据建立用于识别融资约束的综合财务指标评分模型,获得了可信度较高的度量企业融资约束的数值区间。研究结果为识别企业融资约束提供了可用的基本的方法,丰富了企业投资、融资研究和融资约束方面的研究。

Measuring Financial Constraint with a Multivariate Classification Index Model

There has been a strong argument on cash-investment sensitivity which is regarded as the meas- urement of financial constraint since Kaplan and Zingales' s discussion in 1997.Following the basic ap- proach by them,in this paper we developed a multivariate classification index model to measure firm's fi- nancial constraint,with listed company in China.