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《Journal of Hebei University of Economics and Trade》 2008-04
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Study of Investment and Internal Financing Sensitivity in Hi-tech Listed Companies

Liu Chang  
High technology industries are playing an increasingly important role in national economy.But financing difficulties have become the bottleneck for the development of hi-tech enterprises.The investment-cash flow sensitivity coefficient in China's hi-tech listed company is positive and uncertainty has a distinct negative influence on investment.Taking cash dividend,equity nature as the standard of financing restrictions,financing restriction and investment-cash flow sensitivity change in the same direction.The investment-cash flow sensitivity coefficient in China's hi-tech enterprises mainly results from over-investment according to free cash flow theory.
【Fund】: 科技部国家软科学资助课题《我国上市公司现金持有行为研究》(项目编号:2006GXQ3D170)的阶段性成果
【CateGory Index】: F275;F224
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