摘 要

 

投资行为是企业成长和价值增长的基础，也是企业现金流的来源和未来现金流增长的保证。有时因为多种因素的影响，如企业经理人和管理层间的冲突等，导致企业的投资效率偏离了理想化状态，便发生了非效率投资。另一种重要的影响因素是融资约束，一定程度上限制了企业获得外源融资，也导致了企业的投资对内部现金流的高度敏感性，相反若是企业能以较低的成本从外源融资市场筹得资金，企业持有现金的需求就相应降低。总而言之，企业持有现金的水平影响了其投资的效率，而企业所属的类型不同、内部治理水平不同，都会导致不同的融资约束的差异，也导致着投资和现金流之间不同的敏感关系。

 

本研究拟探究融资约束下的投资-现金流敏感度，并分析不同企业面临的融资约束有何不同，研究内容被分为七章。

 

关键词：融资约束，非效率投资，国有企业，民营企业

 

Abstract

 

Investment is the foundation of Enterprise Growth and value growth,and also the source of enterprise cash flow and the guarantee of future cash flow growth. Sometimes, because of the influence of many factors,such as the conflict between managers and share holders , the investment efficiency of enterprises actually deviates from the ideal state, and when this happens, there occurs an inefficient investment. Another important factor is the financing constraint,which to some extent limits the enterprises to obtainexternal financing,and also causes the high sensitivity of the enterprises'investment to the internal cash flow, on the contrary, if enterprises can raise funds from the external financing market at lower cost, the demand of enterprises to hold cash will be reduced correspondingly. In a word, the level of cash holding affects the efficiency of investment.In addition, the funding constraints faced by companies have an impact on sensitive relationships between investments and cash, which differ in cash flow and efficiency.

 

The study is divided into seven chapters,investigating the sensitivity of investment cash flow under funding constraints and analyzing the total different financing constraints faced by different companies.

 

Chapter One, Introduction.First of all, this chapter emphasizes the importance of the investment behavior of enterprises, and according to the background of relevant research,from the angles of financing restriction,principal agent problem and Information asymmetry problem, simply points out the causes of inefficient investment, and mechanisms that affect the efficiency of investment. Based on the analysis of the background,this paper points out the key issues andpractical and theoretical significance of the research, and lists the research methods and possible innovations used in this paper, which will lay a foundation for the following literature review. The second chapter, the Concept Connotation and the theory foundation.In this chapter, the theory of non-efficient investment andthe theory of financing constraint are expounded respectively. When the theory of non-efficient investment is expounded,the meaning and status quo of non-efficient investment are described, and the influencing factors and measurement methods are expounded When expatiating on the theory of financing constraint, this paper analyzes its basic theory, and arranges the influencing factors and measuring methods of financing constraint according to the relevant literature, which lays a foundation for the measurement of variables and the construction of indexes in the later empirical research design. Chapter three , literature review, respectively from the how much relative between company’s cash flow and inefficient investment,and whether the financing constraints have impact on investment-cash flow sensitivity, the research includes positive cash flow,surplus cash flow and over-investment, negative cash flow,find the relationship between under-investment and shortage of cash flow; On the other hand, the financing constraints and investment-cash flow sensitivity will be discussed from two aspects: one is the study under FHP theory, which shows that there is a positive linear correlation between financing constraints and the sensitivity of investment-cash flow, the other is that there is no linear relationship between them. The other is that there is no linear relationship between them.The Fourth Chapter, the Enterprise Financing present situation,first analyzed the entire society financing present situation,pointed out that the small and Micro Enterprise's Financing Cost Unceasingly Reduces; Second,elaborated the different financing environment which the different type enterprise faces, compared with state-owned enterprises, private enterprises are faced with "difficult financing" and "expensive financing" . Finally, the impact of the epidemic on small and micro enterprises is analyzed, but some industries, such as health care,corporate services and Internet services, are getting more investment and financing opportunities. Chapter 5, Empirical Research Design, sample selection of a-share listed companies in 2014-20185 years of data, the selected industry for manufacturing light industry,and the data for simple processing, excluding financial abnormal data,this paper uses Richardson's investment efficiency model to constructthe non-efficiency investment index to measure the sample non-efficiency investment degree, and uses SA index model to construct the financing constraint index Free cash flow is defined as the difference between net cash flow from operating activities and new investment expenditures, this paper puts forward three hypotheses to test the sensitive relationship between investment and cash flow, the influence of financing constraints on the sensitivity, and the investment and financing behavior of enterprises with different property rights. Chapter six, empirical analysis,carries on the descriptive statistics to the entire sample separately, then will the listed company according to the state-owned and the private enterprise carries on the classification, to its financing restraint degree according to the year makes the descriptive statistics, this paper describes the investment efficiency and cash flow index under different financing constraints. The results show that there is a positive relationship between the amount of investment and cash flow, and the financing constraint has a positive effect on the sensitivity of investment-cash flow. And overinvestment in cash flow surplus, when under different financing constraints,if the investment of state-owned company and private enterprises is different when facing different investment and financing environments,there is no evident difference between state-owned enterprises and private enterprises in the sensitivity of investment-cash flow, and there is significant difference between them under the same financing constraints. The seventh chapter, the research conclusion and the countermeasure suggestion,in view of this research conclusion puts forward some countermeasures and the suggestion.

 

Key words：Financing Constraint, Inefficient investment,state-owned enterprises, private enterprises