| 现金流波动对企业投资的影响——中国房地产上市公司经验分析 |
| |
| 引用本文： | 韩立岩,刘金霞.现金流波动对企业投资的影响——中国房地产上市公司经验分析[J].系统工程,2009(12). |
| |
| 作者姓名： | 韩立岩 刘金霞 |
| |
| 作者单位： | 北京航空航天大学经济管理学院; |
| |
| 基金项目： | 教育部高等学校博士学科点专项科研基金资助项目(20050006025); 国家自然科学基金资助项目(70821061) |
| |
| 摘 要： | 根据现代公司金融理论,在经济转型的制度背景下,以我国房地产行业上市公司为样本,研究现金流波动对投资行为的影响,分别讨论不同产权性质及规模的房地产公司的投资行为差异与动因。实证结果表明,第一,投资关于现金流波动是敏感的,当投资机会与现金流波动共同作用时尤为显著,其中不仅有信息不对称现象还有严重的代理问题;第二,国有企业存在较严重的预算软约束问题;第三,大公司投资对现金流波动更敏感。
|
| 关 键 词： | 房地产投资 现金流波动 代理理论 信息不对称理论 预算软约束 |
The Influence of Cash Flow Volatility on Firms' Investment:Empirical Evidence from China Real Estate Listed Firms |
| |
| HAN Li-yan,LIU Jin-xia.The Influence of Cash Flow Volatility on Firms' Investment:Empirical Evidence from China Real Estate Listed Firms[J].Systems Engineering,2009(12). |
| |
| Authors: | HAN Li-yan LIU Jin-xia |
| |
| Institution: | HAN Li-yan,LIU Jin-xia(School of Economics and Management,Beihang University,Beijing 100191,China) |
| |
| Abstract: | According to the basic principles of the modern company finance,this paper studies the influence of cash flow volatility on the companies' investment,based on the China real estate listed firms in the recent years.We analyze the investment and the inner mechanism,which are grouped under the size and dual property structure of companies.The results show that(1) as investment is sensitive to cash flow volatility,not only information asymmetry but also principal-agency problem occurs when the interaction betwe... |
| |
| Keywords: | Real Estate Investment Cash Flow Volatility Agency Theory Information Asymmetry Theory Soft Budget Constraints(SBC) |
| 本文献已被 CNKI 等数据库收录！ |
|
