“一带一路”倡议、财务柔性与企业投资-现金流敏感性

摘要以“一带一路”倡议的出台作为准自然实验,基于2008—2019年中国上市公司数据,运用双重差分法(DID)考察了“一带一路”倡议对企业投资-现金流敏感性的影响。研究发现:“一带一路”倡议的实施可以显著降低受倡议支持企业的投资-现金流敏感性,并且影响程度与企业财务柔性有关,该结论在采用安慰剂检验、稳健性检验后仍然成立。拓展分析发现,“一带一路”倡议可以矫正过度投资和缓解经理人代理矛盾,构成内部治理薄弱企业的外部治理机制。研究结论表明,“一带一路”倡议这一正式制度是被现有文献忽略的研究融资约束、财务柔性及投资-现金流敏感性的重要变量,以此拓展和丰富了制度环境影响企业融资约束问题的研究。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	曹允春
	孙坚

关键词： “一带一路”倡议融资约束财务柔性投资-现金流敏感性

Abstract： Based on the data of China’s listed companies from 2008 to 2019, this paper regards “the Belt and Road” Initiative as a quasi-natural experiment and uses the double difference method ( DID ) to investigate the impact of “the Belt and Road” Initiative on the investment-cash flow sensitivity of enterprises. The result shows that “the Belt and Road” Initiative can significantly reduce the investment-cash flow sensitivity of the supported firms. And this conclusion remains robust after adopting the placebo test and robustness test, and the degree of influence is related to the financial flexibility of the enterprise. Further study has found “the Belt and the Road” Initiative can correct over investment and alleviate the contradiction between clients and agents, which constitutes the external governance mechanism of enterprises with weak internal governance. The conclusion of this paper shows that “the Belt and the Road” initiative is an important variable to study financing constraints, financial flexibility and investment-cash flow sensitivity which has been ignored by the existing literature, so as to expand and enrich the research that institutional environment affects financial constraints.

Keywords： “the Belt and Road” Initiative Financial Constraints Financial Flexibility Investment-cash Flow Sensitivity

收稿日期 2021-09-17; 接受日期 ;

作者简介: 曹允春(1970— ),男,陕西西安人,教授,博士生导师,主要从事临空经济与航空物流研究;孙坚(1990— ),男,辽宁大连人,博士研究生,主要从事临空经济管理研究。

引用本文:

曹允春, 孙坚.“一带一路”倡议、财务柔性与企业投资-现金流敏感性[J]. 经济经纬, 2022,1: 108-117

CAO Yunchun, SUN Jian.“The Belt and Road” Initiative, Financial Flexibility and Enterprise Investment-Cash Flow Sensitivity[J] Economic Survey, 2022,V39(1): 108-117

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I1/108

陈冬华,姚振晔,2018. 政府行为必然会提高股价同步性吗？——基于我国产业政策的实证研究[J]. 经济研究(12):112-126.
崔志霞,孟祥瑞,2021.内部资本市场、融资约束与现金持有水平的动态调整[J].管理科学(2):114-128.
姜付秀,蔡文婧,蔡欣妮,等,2019.银行竞争的微观效应:来自融资约束的经验证据[J].经济研究(6):72-88.
蒋冠宏,曾靓,2020.融资约束与中国企业对外直接投资模式:跨国并购还是绿地投资[J].财贸经济(2):132-145.
焦豪,焦捷,刘瑞明,2017.政府质量、公司治理结构与投资决策:基于世界银行企业调查数据的经验研究[J].管理世界 (10):66-78.
齐杨,江雯倩,王浩宇,2017.不同货币政策工具对企业融资约束及绩效的影响研究[J].宏观经济研究 (8):44-58.
沈红波,寇宏,张川,2010.金融发展、融资约束与企业投资的实证研究[J].中国工业经济 (6):55-64.
徐思,何晓怡,钟凯,2019 .“一带一路”倡议与中国企业融资约束[J].中国工业经济 (7):155-173.
杨华军,胡弈明,2007. 制度环境与自由现金流的过度投资[J].管理世界 (9):99-106.
杨兴全,尹兴强,孟庆玺,2018.谁更趋多元化经营:产业政策扶持企业抑或非扶持企业？[J].经济研究(9):133-148.
袁广达,仲也,2021.政府干预、高管特征对企业过度投资的影响研究:以“一带一路”沿线直接投资的上市公司为例[J].南京审计大学学报(3):92-101.
曾爱民,魏志华,2013.融资约束、财务柔性与企业投资-现金流敏感性:理论分析及来自中国上市公司的经验依据[J].财经研究(11):48-58.
张新民,张婷婷,陈德球,2017. 产业政策、融资约束与企业投资效率[J].会计研究 (4):12-18.
张原,2018.中国对“一带一路”援助及投资的减贫效应:“授人以鱼”还是“授人以渔”[J].财贸经济(12):111-125.
ALMEIDA H V,WOLFENZON D,2006 .A theory of pyramidal ownership and family business groups[J]. The journal of finance, (6):2637-2680.
DEANGELO H,DEANGELO L,2007.Capital structure,payout policy, and financial flexibility[Z].University of southern California, working paper.
FAZZARI S,HUBBARD R G,PETERSEN B C,1988. Financing constraints and corporate investment [J]. Brookings papers on economic activity,(1):141-195.
HERMALIN B E,WEISBACH M S,1998. Endogenously chosen boards of direction and their monitoring of the CEO[J]. American economic review,88(1):96-118.
HOVAKIMIAN A,HOVAKIMIAN G,TEHRANIAN H,2004.Determinants of target capital structure:the case of dual debt and equity issues[J]. Journal of financial economics,(3):517-540.
KAPLAN S,ZINGALES L,1997.Doinvestment-cash flow sensitivities provide useful measures of financing constraints[J]. Quarterly journal of economics,112(1):169-215.
MEYER J R,KUH E,1958. The investment decision:an empirical study[J]. Journal of finance, 13(3):845-850.
MODIGLIANI F,MILLERM H,1958.The cost of capital, corporation finance and the theory of investment.[J]. American economic review, 49(4):261-296.
RICHARDSON S,2006.Over-investment of free cash flow[J]. Review of accounting studies,(2/3):159-189.