摘要
大量实证研究表明,内部现金流是影响企业投资的重要因素,但学术界对投资现金流敏感性的成因还存在较多争论。本文选取了国外重要学术期刊上的相关文献,对投资现金流敏感性的研究成果进行综述,并对未来投资现金流敏感性研究提出了建议。
A large number of empirical literatures suggested that the internal cash flow is an important factor for corporate investment. However, a consensus has not been built for the originations of investment cash flow sensitivity. In this paper, the research literatures from important domestic and foreign academic journals about this sensitivity were reviewed. Finally, the paper suggests some recommendations as an reference to the real situation of China.
出处
《财会通讯（下）》
2012年第3期46-49,161,共4页
Communication of Finance and Accounting
关键词
投资现金流敏感性
融资约束
代理问题
Investment cash flow sensitivity Financing constraint Agent conflicts
