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不同公司规模下现金流量对投资决策影响的实证研究 预览 被引量:35

An Empirical Study of the Impact of Cash Flow on Investment Decision under Different Firm Size
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摘要 根据现代公司金融理论,在公司投资模型中引进融资因素,研究了不同规模公司投资与现金流量的关系,并探讨了不同公司规模投资决策行为的差异.实证研究发现,大规模公司投资对现金流量的敏感性要高于小规模公司.动因检验的结果表明,大规模公司投资依赖于现金流量源于信息不对称理论,小规模公司投资依赖于现金流量源于自由现金流量的代理成本理论. This paper introduced financial factors into the firm investment model according to the current corporate financial theory, studied the relation between investment and cash flow of different firm size, and further discussed the difference in inherent motivation of investment behavior. The empirical study shows that investment is more sensitive to cash flow in larger size firm than that in smaller size firm. The result of inherent motivation shows the investment depending on cash flow in larger size firm is caused by information asymmetric theory, while in smaller size firm that is caused by free cash flow agency cost theory.
作者 全林 姜秀珍 陈俊芳 QUAN Lin~1,JIANG Xiu-zhen~2,CHEN Jun-fang~2 (1. School of Humanities and Social Science, Shanghai Jiaotong Univ., Shanghai 200030, China; 2. Aetna School of Management, Shanghai Jiaotong Univ., Shanghai 200052)
出处 《上海交通大学学报》 EI CAS CSCD 北大核心 2004年第3期 355-358,共4页 Journal of Shanghai Jiaotong University
关键词 公司规模 投资 信息不对称理论 现金流量代理成本理论 firm size investment information asymmetric theory cash flow agency cost theory
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