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摘要在完美的资本市场上，企业的投资行为不会受到融资约束的影响，但是，完美的资本市场并不存在，由于市场参与者存在信息不对称问题和自由现金代理的问题，企业的投资决策会受到融资约束的影响。由于外部融资约束难以衡量，本文选用易于衡量的内部融资约束作为研究对象，通过将内部融资约束用常用财务指标加以衡量，选取制造业企业为样本，探讨内部融资约束对企业投资行为的影响，即在不同内部融资约束条件下，企业投资与现金流的敏感性分析。由于国外的研究使用股利支付率作为指标，而国内的有些学者则提出使用利息保障倍数更符合中国的国情。所以，本文将采用两个指标分别进行实证，最后指出融资约束指标在我国资本市场的适用性，并对根据研究结果对我国企业的投资行为提出建议。23901
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关键词 融资约束 企业投资行为 股利支付率 利息保障倍数
毕业论文外文摘要
Title The effects of internal financing constraints on
corporate investment behavior
Abstract
In a perfect capital markets, our investments will not be affected by financing constraints, however, a perfect capital market does not exist. Due to the problem of asymmetric information problems and agent of free cash with market participants, decisions of corporate investment will be affected by financing constraints. It is difficult to measure external financing constraints, the paper selects internal financing constraints which are easier to measure as object of the research, and it uses financial indicators to measure internal financing constraints, and then selects a sample of manufacturing firms to explore the effects of internal financing constraints on corporate investment behavior. In other words, it is the sensitivity analysis of corporate investment and cash flow when internal financing constraints are under different conditions. As the study aboard used payout ratio as an indicator, while some scholars have proposed to use time interest earned ratio which is more suitable for China's national conditions. Therefore, this paper will use two indicators in the empirical analysis, and then point out the applicability of financing constraints indicator of China's capital market, and make some recommendations corporate investment behavior based on the findings.
Keywords Financing Constraints corporate investment behavior payout ratio time interest earned ratio
目 次
1 引言 1
1.1 研究背景 1
1.2 研究意义 2
2 理论基础 2
2.1 现代资本结构理论的起点—MM理论 2
2.2 新资本结构理论 3
2.2.1 信息不对称理论 3
2.2.2 代理成本理论 4
2.2.3 自由现金流量假说 4
2.3 FHP [1988]和KZ[1997]的分歧 5
3 研究假设和设计 5
3.1 指标的设计与计量 5
3.1.1 融资约束 5
3.1.2 投资行为 6
3.2 模型建立 7
3.3 假设的提出 8
3.4 样本选择及处理 8
4 实证结果检验和分析 9
4.1 描述性统计分析 9
4.2 样本的总体相关性分析 10
4.3 样本总体的多元线性回归分析 11
4.4 按利息保障倍数分类的投资敏感性分析 12
4.5 按股利支付率分类的投资敏感性分析 14