Empirical Study on Influence Factors of the Investment Cash-flow of Chinese SMEs

摘要：

Based on the theoretical analysis of influence factors of cash-outflow from direct investment and cash-outflow from indirect investment,this paper carries out empirical study on the investment behavior of SMEs with the help of Two-Stage Least Square method.The result shows,(1) the direct investment is larger than indirect investment;(2) Size of assets,operational cash flow and the profitability of the company are beneficial to the investment;(3) The growth opportunity has a positive effect on the direct investment and negative effect on the indirect investment.

关键词： Investment Behavior Cash Flow Influence Factor Direct Investment Indirect Investment

作者: LU Qingchun LU Xiaoguang

作者单位: Hohai University,Nanjing,P.R.China

会议类型: 国际会议

会议名称: The Twelfth West Lake International Conference on Small & Medium Business(第十二届西湖国际中小企业研讨会 WLICSMB 2010)

会议地点: 杭州

会议语种:英文

页码: 292-298

在线出版日期: 2010-10-24（万方平台首次上网日期，不代表论文的发表时间）