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).
引用
收藏
页码：1844 / 1849
页数：6
相关论文
共 50 条
  • [41] Investment-internal capital sensitivity, investment-cash flow sensitivity and dividend payment
    Xu, Xiaodong
    Xu, Huifeng
    [J]. CHINA FINANCE REVIEW INTERNATIONAL, 2019, 9 (02) : 183 - 207
  • [42] Investment-cash flow sensitivities, credit rationing and financing constraints in small and medium-sized firms
    Becchetti, Leonardo
    Castelli, Annalisa
    Hasan, Iftekhar
    [J]. SMALL BUSINESS ECONOMICS, 2010, 35 (04) : 467 - 497
  • [43] Investment-Cash Flow Sensitivity in Family Owned Pakistani Firms
    Khan, Muzammal
    Shabbir, Muhammad Salman
    Tahir, Muhammad Sohail
    Ali, Rafaqet
    Hussain, Mubeen
    [J]. AMAZONIA INVESTIGA, 2019, 8 (19): : 376 - 386
  • [44] Financial conditions, financial constraints and investment-cash flow sensitivity: evidence from Saudi Arabia
    Guizani, Moncef
    Ajmi, Ahdi Noomen
    [J]. JOURNAL OF ECONOMIC AND ADMINISTRATIVE SCIENCES, 2021, 37 (04) : 763 - 784
  • [45] Wall of cash: The investment-cash flow sensitivity when capital becomes abundant
    Andren, Niclas
    Jankensgard, Hakan
    [J]. JOURNAL OF BANKING & FINANCE, 2015, 50 : 204 - 213
  • [46] Investment-cash flow sensitivity under changing information asymmetry
    Chowdhury, Jaideep
    Kumar, Raman
    Shome, Dilip
    [J]. JOURNAL OF BANKING & FINANCE, 2016, 62 : 28 - 40
  • [47] The sensitivity between debt financing and internal cash flow with financing constraints: Evidence from Chinese stock market
    Li Yan-xi
    Meng Chun-yan
    Tian Peng
    Chen Dong
    [J]. PROCEEDINGS OF THE 2006 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (13TH), VOLS 1-3, 2006, : 1619 - 1624
  • [48] Regional Financial Developments and Research and Development Investment-Cash Flow Sensitivity: Evidence on Chinese Public High-Tech Companies
    Hu, Jie
    Li, Guo
    Zhu, Feifei
    [J]. INTERNATIONAL REVIEW OF FINANCE, 2017, 17 (04) : 627 - 643
  • [49] Cash Flow, Debt and the Investment of Chinese Listed Companies-A Theoretical and Empirical Analysis
    Wang Zhi
    [J]. 2009 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (16TH), VOLS I AND II, CONFERENCE PROCEEDINGS, 2009, : 1541 - 1548
  • [50] Corporate governance, information disclosure and investment-Cash flow sensitivity
    Yi, Er
    [J]. FINANCE RESEARCH LETTERS, 2023, 55
12345