企业投资与企业的流动性——基于中国制造业的面板数据分析
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财经研究 2007 年 第 33 卷第 03 期, 页码：124 - 134
摘要
参考文献
摘要
文章以中国的制造业为研究对象,分析了中国企业的投资与现金流量和托宾Q之间的关系,同时,对受资金约束强的企业和受资金约束弱的企业进行比较分析,以检验投资对现金流量的敏感度是否能反映流动性约束的存在。另外,文章还分析了企业持有的流动资产的作用,并考察了企业持有的流动资产是否能降低企业潜在的流动性风险,从而促进企业的投资支出这一问题。研究结果表明,企业投资与现金流量之间存在着正相关关系,但投资对现金流量的敏感度并不能说明流动性约束的存在。另外,企业的部分现金流向了流动资产,而流动资产的增加并没有给企业带来机会成本,而是增加了企业价值。
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[2][日]堀敬一,齐藤诚,安藤浩一.1990年代の設備投資低迷の背景について[R].经济经营研究(日本政策投资银行),2004,25,(4):1~70.
[3]Alti A.Howsensitiveis invest ment to cashflow whenfinancingis frictionless[J].Jour-nal of Finance,2003,58:707~722.
[4]Boyle G W,G A Guthrie.Invest ment,uncertainty and liquidity[J].Journal of Finance,2003,58:2143~2166.
[5]Chow C K W,MK Y Fung,Ownership structure,lending bias,andliquidity constraints:Evidence fromShanghai’s manufacturing sector[J].Journal of Comparative Economics,1998,26:301~316.
[6]Dixit A K,R S Pindyck.Invest ment under uncertainty[M].Princeton University Press,Princeton,NJ,1994.
[7]Gomes J F.Financing invest ment[J].American Economic Review,2001,91:1263~1285.
[8]Hol mstr m,Tirole.Liquidity and risk management[J].Journal of Money,Credit andBanking,2000,32:295~319.
[9]Hoshi,Takeo,Anil Kashyap,David Scharfstein.Corporate structure,liquidity and in-vest ment:Evidence from Japanese industrial groups[J].Quarterly Journal of Econom-ics,1991,106:33~60.
[10]Kaplan S N,L Zingales.Do invest ment-cash flowsensitivities provide useful measuresof financing constraints[J].Quarterly Journal of Economics,1997,112:169~215.
[11]Perfect S B,K W Wiles.Alternative constructions of Tobin’s Q:An empirical compari-son[J].Journal of Empirical Finance,1994,1:313~341.
引用本文
郭丽虹, 金德环. 企业投资与企业的流动性——基于中国制造业的面板数据分析[J]. 财经研究, 2007, 33(3): 124–134.
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