摘要
以经济模型为前提,通过我国A股上市公司为样本,研究投资-现金流敏感性的主要影响因素。并得出结果:融资约束影响投资与现金流敏感性,以信息披露水平高低为代表的信息不对称程度对融资约束有重要影响,投资—现金流敏感性主要由信息不对称引起的融资约束所致。
With the help of economic models, Discusses the main factors of corporate investment - internal finance sensitivity based on the sample of listed corporate of China, the results show that financing constraints affect the investment and cash flow sensitivity. The level of disclosure of information has an important impact on the extent of financing constraints. The sensitivity of investmentcash flow are caused by the financial constraints because of asymmetry information hypothesis.
出处
《科技和产业》
2010年第4期89-92,共4页
Science Technology and Industry
关键词
信息披露
融资约束
投资-现金流敏感性
information disclosure
financial constraints
investment-- cash flow sensitivities
