文档介绍：山西财经大学
硕士学位论文
我国上市公司投资的融资约束--基于制造业的实证研究
姓名:张国华
申请学位级别:硕士
专业:金融学
指导教师:油晓峰
2010-03-28
摘要
在现实中通过对理论的否定,融资约束下公司的投资行为成为学术界
研究的重要问题之一。在不完全的资本市场下,由于信息不对称、代理问题和
交易成本等因素使内外融资成本产生差异,公司的投资决策受到融资约束的影
响。
本文将理论分析与实证研究相结合,选择年月日之前上市的沪
市家制造业上市公司年的数据为样本,结合我国国情,分别选
取已获利息保障倍数和公司规模指标作为衡量融资约束程度的替代变量,对全
样本以及分组样本数据进行描述性统计、相关性检验和多元线性回归等处理,
分析融资约束下公司投资与内部现金流的敏感性关系。
通过分析得出, 就样本总体而言,公司投资支出依赖于内部现金流,投
资与内部现金流呈正相关关系; 在以已获利息倍数作为融资约束的分类标准
下,已获利息倍数越低,公司投资越依赖于内部现金流; 按公司规模分类研
究发现,相对于大规模公司来说,小规模公司的投资支出更依赖于内部现金流,
这符合我们的假设; 从理论动因来看,我国上市公司投资与现金流敏感性关
系同时受到信息不对称问题和代理问题的影响。最后,本文根据研究结果对我
国上市公司提出改善措施。

【关键词】融资约束公司投资内部现金流信息不对称
3
Abstract
In reality, It es one of the important issues under financing constraints on investment
behavior panies in academic circle through the negation of the theory the plete
capital markets, the cost of external financing is different from internal financing because of the
asymmetric information,agency problems,transaction costs and so on. The corporate investment
decisions are affected.
This bines theoretical analysis with empirical research. Concerning the reality of our
county,The author selects 354 listed panies from 2007 to 2008 as research
sample and chooses the fixed charger coverage pany size as the standard of financial
constraints grouping to study detailedly the relationship between investment and cash-flow under
diverse level of financial constraints with the help of descriptive statistic,analysis of variance and
multiple variable purpose is to disclose the sensitivity relationship about cash flow
pany investment in the financing constraints.
The results are as follow:(1) In relation to the sample Overall, corporate investments are
sensitive to the internal cash flow;(2)The degree of this sensitivity in deeper when the financial
constraints measured by the fixed charge coverage are more serious;(3) By firm size category, the
study found that panies investment spendi