Do Macroeconomic Fluctuations Affect the Investment-cash Flow Sensitivity?--Evidence from the Panel Data of Chinese Listed Company
The paper tests empirically the impact of macroeconomic fluctuations to the investment-cash flow sensitivity, basing on the panel data of Chinese listed manufacturing companies form 1998 to 2006. The empirical results are as follow: (l)Macroeconomic fluctuations impacts the investment-cash flow sensitivity systematically; (2) the higher sensitivity investment-cash flow primarily due to the higher degree of financing constraints in the period of macroeconomic rapid growth; (3) the impact of macroeconomic fluctuations to the investment-cash flow sensitivity is affected by both the degree of intervention of government to enterprises and the level of financial marketization development.
investment-cash flow sensitivity macroeconomic fluctuations government intervention Finance marketization
LIU Zhiyuan ZHANG Xizheng
School of Business, Nankai University, Tianjin, China, 300071 School of Business, Nankai University, Tianjin, China, 300071 Qingdao technological University, Qing
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
363-372
2009-09-01(万方平台首次上网日期,不代表论文的发表时间)