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Empirical Research on the Sensitivity Investment-cash Flow in Chinese Listed Companies

Author: WangJuanJuan
Tutor: WangAiDong
School: China University of Petroleum
Course: Business Administration
Keywords: Investment Internal cash flow Financial Constraints Hypothesis Free cash flow hypothesis
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 302
Quote: 0
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Abstract


Investment and cash flow sensitivity study is one of the hot spots of the past 20 years , modern the Western financial theory research . Since the beginning of the 21st century , the domestic academia on corporate investment behavior also conducted research, basically the use of our company 's data to validate the hypothesis of a foreign research framework with basically the same abroad . While China is now in a period of transition economies is very different with the actual situation of the foreign research investment and cash flow sensitivity between listed companies in China , according to China 's specific national conditions . The first investment and cash flow sensitivity studies related theoretical overview ; then select the appropriate sample data set on the main index to establish the empirical research model suitable for China's national conditions , this article is not only to establish the cash flow on investment the sensitivity of the model and established a tentative investment cash flow sensitivity model , and put forward the hypothesis descriptive statistical analysis of listed companies in China 's investment and cash flow ; followed by the empirical model , correlation analysis and multiple linear regression analysis , and further the industry classification of listed companies in China to study the relationship between the different industry investment and cash flow ; cash flow for the investment of China 's listed companies can be drawn according to the results of empirical research sensitivity is not a significant investment cash flow sensitivity is not significant , and come to a different conclusion and foreign . Finally, the conclusion to analyze the reasons for the low efficiency of investment in listed companies in China and recommended according to the reasons put forward corresponding improvement in China 's listed companies investment position , so that our economy can be healthy and steady development .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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