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产权结构与企业投资-现金流敏感性的实证分析 被引量:1

AN EMPIRICAL STUDY OF PROPERTY RIGHT STRUCTURE & ENTERPRISE INVESTMENT- CASH FLOW SENSITIVITY
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摘要 通过检验、比较我国不同产权结构的上市公司的投资一现金流敏感性得出结论:产权结构对我国企业的融资约束和投资行为产生了重要影响。国有股比重越高,则企业所受的融资约束越低,现金流对投资的影响也就越小。国有绝对控股的企业基本上没有受到任何融资约束,而国有股比重较低的企业则面临严重的融资约束。 After examining and comparing the investment - cash flow sensitivity of the listed companies with different property right structures, this article reaches a conclusion: the property right structure has significant effect on enterprises' financing and investing. The higher the proportion of state - owned shares , the fewer the financing bounds, the smaller the influence of the cash flow on investment. State - owned holding enterprises are not handicapped by any financing restraint, but enterprises with lower proportion of state - owned shares face serious financing restraints.
作者 赵晨 ZHAO Chen ( School of Economics, Zhejiang University, Hangzhou.... China ; Henan Division, C. N. N. Co. Ltd, Zhengzhou 430064, China)
出处 《河南工业大学学报:社会科学版》 2008年第2期 9-12,共4页 Journal of Henan University of Technology:Social Science Edition
关键词 产权 融资约束 投资 现金流 property right financing restraint investment cash flow
作者简介 赵晨(1976-),女,江苏泰兴人,在职研究生,研究方向:企业管理。
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