CAJ | 학술논문

本文以中国上市企业为分析样本，通过检验现金持有量对投资一现金流敏感度的影响，考察企业中的融资约束和代理）中突。结果显示，融资约束与过度投资导致企业投资支出与内部现金流密切相关。民营企业、大规模地方国有企业中存在过度投资，所持有的现金具有明显的壕沟效应、进一步提高投资一现金流敏感度。而中、小规模国有企业面临的融资约束比较突出，为了抵御外部融资约束，持有现金充当对）中工具、降低投资一现金流敏感度。
본문이중국상시기업위분석양본，통과검험현금지유량대투자일현금류민감도적영향，고찰기업중적융자약속화대리）중돌。결과현시，융자약속여과도투자도치기업투자지출여내부현금류밀절상관。민영기업、대규모지방국유기업중존재과도투자，소지유적현금구유명현적호구효응、진일보제고투자일현금류민감도。이중、소규모국유기업면림적융자약속비교돌출，위료저어외부융자약속，지유현금충당대）중공구、강저투자일현금류민감도。
Based on a sample of Chinese listed companies, this paper explores the reasons for the relationship between cash flow and investment spending though examining the role of cash holdings on the investment-cash flow sensitivity. We find that the strong cash flow sensitivities of investment spending are indeed associated with companies＇ financing constraints or overinvestment. The results suggest that the private enterprises and the large-sized local SOEs are more likely to over-invest, and higher levels of cash holdings play significant entrenchment effects and exacerbate the overinvestment behaviors of these companies. The results also imply that the small and medium-sized SOEs are suffered from financing constraints and their cash holdings act as a hedging device and mitigate the extent of financing constraints.