| 不同公司规模下现金流量对投资决策影响的实证研究 |
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| 引用本文： | 全林,姜秀珍,陈俊芳.不同公司规模下现金流量对投资决策影响的实证研究[J].上海交通大学学报,2004,38(3):355-358. |
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| 作者姓名： | 全林 姜秀珍 陈俊芳 |
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| 作者单位： | 1. 上海交通大学,人文社会科学学院,上海,200030
2. 上海交通大学,安泰管理学院,上海,200052 |
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| 摘 要： | 根据现代公司金融理论，在公司投资模型中引进融资因素，研究了不同规模公司投资与现金流量的关系，并探讨了不同公司规模投资决策行为的差异．实证研究发现，大规模公司投资对现金流量的敏感性要高于小规模公司．动因检验的结果表明，大规模公司投资依赖于现金流量源于信息不对称理论，小规模公司投资依赖于现金流量源于自由现金流量的代理成本理论．
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| 关 键 词： | 公司规模 投资 信息不对称理论 现金流量代理成本理论 |
| 文章编号： | 1006-2467(2004)03-0355-04 |
| 修稿时间： | 2003年4月25日 |
An Empirical Study of the Impact of Cash Flow on Investment Decision under Different Firm Size |
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| QUAN Lin,JIANG Xiu-zhen,CHEN Jun-fang.An Empirical Study of the Impact of Cash Flow on Investment Decision under Different Firm Size[J].Journal of Shanghai Jiaotong University,2004,38(3):355-358. |
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| Authors: | QUAN Lin JIANG Xiu-zhen CHEN Jun-fang |
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| Institution: | QUAN Lin~1,JIANG Xiu-zhen~2,CHEN Jun-fang~2 |
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| Abstract: | This paper introduced financial factors into the firm investment model according to the current corporate financial theory, studied the relation between investment and cash flow of different firm size, and further discussed the difference in inherent motivation of investment behavior. The empirical study shows that investment is more sensitive to cash flow in larger size firm than that in smaller size firm. The result of inherent motivation shows the investment depending on cash flow in larger size firm is caused by information asymmetric theory, while in smaller size firm that is caused by free cash flow agency cost theory. |
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| Keywords: | firm size investment information asymmetric theory cash flow agency cost theory |
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