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《China Industrial Economy》 2007-09
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Financing Constraints or Overinvestment——Evidence on Investment-cash Flow Sensitivities of Chinese Listed Companies

LUO Qi,XIAO Wen-chong,XIA Xin-ping(Huazhong University of Science and Technology,Wuhan 430074,China)  
Based on a sample of Chinese listed companies,this paper explores the reasons for the relationship between cash flow and investment spending though examining the role of cash holdings on the investment-cash flow sensitivity.We find that the strong cash flow sensitivities of investment spending are indeed associated with companies' financing constraints or overinvestment.The results suggest that the private enterprises and the large-sized local SOEs are more likely to over-invest,and higher levels of cash holdings play significant entrenchment effects and exacerbate the overinvestment behaviors of these companies.The results also imply that the small and medium-sized SOEs are suffered from financing constraints and their cash holdings act as a hedging device and mitigate the extent of financing constraints.
【Fund】: 教育部回国留学人员科研启动基金项目“企业融资约束与营运资金管理研究”(批准号教外司留[2007]24号);; 中国博士后科学研究基金面上资助项目“经济周期波动作用于企业现金持有量的机理研究”(批准号20070410287)
【CateGory Index】: F275;F224
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