The Study on Relationship between Financing Constraints and Investment-cash Flow Sensitivity in Chinese Listed Companies

被引：0
|
作者：
Li Changchun [1 ]
机构：
[1] Chongqing Three Gorges Univ, Coll Econ & Management, Chongqing, Peoples R China
来源：
COMPUTATIONAL MATERIALS SCIENCE, PTS 1-3 | 2011年 / 268-270卷
关键词：
financing constraints; cash flows; listed companies; CORPORATE-INVESTMENT; AGENCY COSTS; FLUCTUATIONS;
D O I：
10.4028/www.scientific.net.AMR.268-270.1844
中图分类号：
T [工业技术];
学科分类号：
08 ;
摘要：
This paper uses the financial data of all Chinese listed companies to construct two indexes that reflect the degree of external financing constraints faced by firms, using logistic regression model and multiple discriminate analyses respectively. Second, the author examines the relationship between financing constraints and the investment-cash flow sensitivity using OLS regressions. This paper provides evidence that the relationship between financing constraints and investment-cash flow sensitivity is monotonic, which is consistent with the findings of FHP (1988).
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页码：1844 / 1849
页数：6
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