现金—现金流敏感性能检验融资约束假说吗——基于我国制造行业的实证研究

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1、目录财务与投资管理郭慧08211122中英文摘要„„„„„„„„„„„„„„„„„„„„„„„„„„„„1关键词„„„„„„„„„„„„„„„„„„„„„„„„„„„„„„1正文„„„„„„„„„„„„„„„„„„„„„„„„„„„„„„„2一、引言„„„„„„„„„„„„„„„„„„„„„„„„„„„„„2二、文献回顾„„„„„„„„„„„„„„„„„„„„„„„„„„„3三、实证研究方法与设计„„„„„„„„„„„„„„„„„„„„„„5（一）基准模型„„„„„„„„„„„„„„„„„„„„„„„„„„5（二

2、）扩展模型„„„„„„„„„„„„„„„„„„„„„„„„„„6（三）融资约束分类标准„„„„„„„„„„„„„„„„„„„„„„6（四）样本选择和数据来源„„„„„„„„„„„„„„„„„„„„„7四、实证结果„„„„„„„„„„„„„„„„„„„„„„„„„„„7（一）描述性统计结果„„„„„„„„„„„„„„„„„„„„„„„7（二）回归检验结果„„„„„„„„„„„„„„„„„„„„„„„„9（三）稳健性检验„„„„„„„„„„„„„„„„„„„„„„„„„12五、结论„„„„„„„„„„„„„„„„„„

3、„„„„„„„„„„„13参考文献„„„„„„„„„„„„„„„„„„„„„„„„„„„„„140现金—现金流敏感性能检验融资约束假说吗？——基于我国制造行业的实证研究【论文摘要】从融资约束的角度来研究公司的现金持有行为是当前公司财务学的的重要课题之一。本文根据Almeidaetal(2004)提出的现金-现金流敏感性模型，从资产规模、股利支付和控制权性质三个融资约束分组标准角度研究了我国上市公司的现金持有行为。结论表明，融资受约束和不受约束的公司的现金-现金流敏感性都显著为正，没有表现出明显的差异。特别的，国有

4、企业与民营企业的现金-现金流敏感性都非常的正显著，都面临严重的融资约束问题。一方面由于目前我国资本市场的发展仍不够完善，大多数公司仍面临严重的融资约束；另一方面可能说明我国上市公司普遍存在滥用“自由现金流”的现象。因此本文的结论不能有效的支持融资约束影响了我国上市公司现金持有这一假说，现金-现金流敏感性模型并不能有效区分融资约束与非融资约束公司，其作为检验我国上市公司融资约束假说并不合适。【关键词】融资约束现金持有量现金-现金流敏感性控制权性质Abstract:Therelationbetweencashhold

5、ingsandfinancialconstraintshasbecomeanimportantprobleminthemoderntheoryofcorporatecontrolatpresent.BasedontheCashFlowSensitivityofCashmodel(Almeidaetal,2004),thisarticleanalysistheChineseListedManufacturingFirms’cashreservesoverthe1999-2007period,bycolumnoffi

6、rmsize,dividendpayoutandcontrolrights.However,bothconstraintfirmsandunconstraintfirmsdisplayasignificantlypositivecashflowsensitivityofcash.Specially,StateandNon-Stateownedenterprisesshowverystrongpositivesignificant,whichmeansbothfaceseriousfinancialconstrai

7、nts.Ononehand,duetoChineseimperfectmarket,mostcompaniesalwayshavehugefinancingdeficit;ontheotherhand,FreeCashFlowhypothesisexistuniversally.Sothisarticlecan’tconcludethatfinancialconstraintinfluencethecashreserveofChineseListedFirms.CashFlowSensitivityofCashm

8、odeldoesn’thelptellsuswho’sconstraintfirmsandwho1isnot.ThismodelmaybenotsuitableforChinaatpresentaswell.KeyWords:FinancialConstraints,CashHoldings,CashFlowSensitivityofCash,ControlRights一