CAJ | 학술논문

本文以2007—2011期间我国房地产上市企业为样本，考察了该行业在“经济周期”及“行业调控”双重压力下，其投资一现金流敏感度（ICFS）的显著性特征。本文扩展了传统的检验方程，将企业营运资本管理（作为微观主体应对融资约束的机制）及滞后一期的固定投资引入模型，构建了附加企业能动性的动态检验模型，重新考察了该行业的投资一现金流敏感度。实证结果表明：即使引入投资惯性及企业平滑行为的影响作用，ICFS依然具有显著性，且敏感度的大小与融资约束程度正相关。
본문이2007—2011기간아국방지산상시기업위양본，고찰료해행업재“경제주기”급“행업조공”쌍중압력하，기투자일현금류민감도（ICFS）적현저성특정。본문확전료전통적검험방정，장기업영운자본관리（작위미관주체응대융자약속적궤제）급체후일기적고정투자인입모형，구건료부가기업능동성적동태검험모형，중신고찰료해행업적투자일현금류민감도。실증결과표명：즉사인입투자관성급기업평활행위적영향작용，ICFS의연구유현저성，차민감도적대소여융자약속정도정상관。
This paper uses the sample of China＇s listed real estate markets from 2007 to 2011 to test the marked traits of Investment - Cash Flow Sensitivity （ICFS） under the dual pressures of economic cycle and industrial adjustment in real estate industry. It extends traditional examination equation by introducing business operating capital management and fixed investment. It comtructs a dynamic examination model of additional business ini- tiativeness, and reexamines ICFS in this industry. Empirical results show that ICFS is significant and the degree of ICFS is positively correlated with the degree of financing constraints.