融资约束对我国上市公司投资影响的研究.pdf

 im  金流敏感性与融资约束程度关系 ，公 司治理 因素可 能是导致相关研 究 结论 不一致 的重要 因素 ，信 息不对称 问题 与代 理 问题 是 同时存在 的 。 最 后 ，本文根据 研 究结 果提 出 了关 于我 国资本 市场 和 上 市 公 司 的建 议 。 关键 词 ：融资约束 公司投 资 内部现金流 信息不对称 代理成本 II A b stra ct T H E E F F E C T O F F IN A N C IN G C O N S T R A IN T S O N C O M P A N Y IN V E S T M E N T — A N E M P IR IC A L R E S E A R C H O N C H IN E S E M A N U F A C T U R IN G L IS T E D C O M P A N IE S A B S T R A C T A ccording to M M th eory, in a perfect cap ital m arket, the com p any is not subject to external financing con straints. P erfect cap ital m arket does not ex ist in reality due to th e asym m etry of inform ation, the principal-agent prob lem and tran saction co sts, thu s th e com panys investm ent w ill be influenced by financing constraints, and is sen sitive to its in tern a l fu n d s. T h is paper introduced the com panys investm ent m odel accordin g to th e m odern th eory of corporate finan ce ; financing con straints in dicators selected C h inas Shanghai and Shenzhen m anufacturing com pan ies as sam p les, the listed com panies in C h ina investm ent the sen sitiv ity of relations w ith internal cash flow to exp lore the im pact of finan cing con straints on inv estm ent in different situation s. T he resu lts show that corporate investm ent sign ificantly dependent on intern al cash flow . M u ltip les of interest earned in the m easure of fin ancing constraints as interest earned m u ltip les low er, that is, the h igher the com pany by financing constraints，the stron ger th e com panys investm ent of th e cash flow sen sitiv ity. T h ese findings su ggest that asym m etric inform ation theory cannot fu lly exp lain the investm ent cash flow sensitivity and financing