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现金流对上市公司投资行为的影响分析 预览

Influential Analysis on Investment Behavior to Cash Flow
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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.
作者 秦峰 韩文秀 王静 Qin Feng,Han Wenxiu,Wang Jing
出处 《现代财经:天津财经学院学报》 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
作者简介 秦峰(1972-),男,天津大学管理学院博士研究生. 韩文秀(1938-),女,天津大学管理学院教授,博士生导师. 王静(1977-),女,渤海银行股份公司经济师。
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