CAJ | 학술논문

投资一现金流敏感性研究是当前投资理论研究的主流方向之一。当前针对这一问题的研究还存在着诸多争议，其中公司融资约束程度的度量问题是争论的焦点。本文借鉴市场微观结构理论中的信息不对称指标PIN值作为融资约束的代理指标，研究发现：信息不对称水平越高，则公司的投资支出越低。进一步的检验发现，信息不对称水平较高的公司，其投资一现金流敏感性也较高，并且信息不对称导致的融资约束与投资一现金流敏感性的关系并不是线性的。本文的研究不仅体现了新的研究视角、方法和思路，丰富了投资一现金流敏感性领域的相关文献，而且可以为我国资本市场的完善和企业的投融资决策提供参考。
투자일현금류민감성연구시당전투자이론연구적주류방향지일。당전침대저일문제적연구환존재착제다쟁의，기중공사융자약속정도적도량문제시쟁론적초점。본문차감시장미관결구이론중적신식불대칭지표PIN치작위융자약속적대리지표，연구발현：신식불대칭수평월고，칙공사적투자지출월저。진일보적검험발현，신식불대칭수평교고적공사，기투자일현금류민감성야교고，병차신식불대칭도치적융자약속여투자일현금류민감성적관계병불시선성적。본문적연구불부체현료신적연구시각、방법화사로，봉부료투자일현금류민감성영역적상관문헌，이차가이위아국자본시장적완선화기업적투융자결책제공삼고。
Investment-cash flow sensitivity is one of the main topics in investment theory research. Currently, the hottest debates are how to measure the financial constraint and what the relationship between financial constraint and cash-flow sensitivity is. We use PIN, which is a direct measurement for information asymmetry, as the measurement of financial constraint. This measurement is based on microstructure theory and calculated by using high-frequency data from capital market. Our analyses prove that the higher the information asymmetry is, the lower firm investment will he. Further, we also find the higher the information asymmetry is, the higher investment-cash flow sensitivity will be, namely higher financial constraint would bring higher investment-cash flow sensitivity. We also exam the monotonicity between investment- cash flow sensitivity and financial constraint, which shows that there is an unmonotonicity relationship between financial constraint and investment-cash flow sensitivity.