A Correlation Study between the Investment–cash flow Sensitivity and the Financial constraints

摘要：

This paper gives the first domestic study on whether Investment-Cash Flow Sensitivity is a good proxy for financial constraints, which was started by FHP. The results of theoretical and empirical study show that Investment-Cash Flow Sensitivity is not a good proxy for financial constraints: all corporates have the Investment-Cash Flow Sensitivity; the higher the proportion of state owned stocks and the return of equity, the stronger the sensitivity of the investment-cash flow; and corporates with the largest or smallest scale of assets have the stronger sensitivity than that of medium scale.

关键词： Financing Constraints Investment-Cash Flow Sensitivity Investment Theory of Investment

作者: BAI Ruifeng GUO Jianqiang

作者单位: Shandong University (Weihai Campus), Weihai, China, 264209

会议类型: 国际会议

会议名称: The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

会议地点: 大连

会议语种:英文

页码: 7-13

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）