摘要
本文采用实证方法,检验我国上市公司融资约束、现金流与投资决策之间的关系。以沪深300指数样本上市公司为基础,结合面板数据和时间数据,利用线性回归方法检验公司投资行为与现金流量、营业收入、负债率、托宾Q等财务指标的关系,并进一步分析上市公司的投资与现金流量等指标的敏感性。
This paper develops a model that empirically tests the relationship among financial constraint, cash flow and investment decision. The empirical data derive from the listed company composed shanghai and shenzhen 300 index. Combining panel data with time data, the model analyses the relationship among cash flow, income, tobin Q and investment, and studies the sensitivity of investment to the cash flow from existing assets.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2007年第3期19-21,共3页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
关键词
现金流
投资行为
回归分析
融资约束
Cash Flow
Investment Behavior
Regression Analysis
Financial Constraint
