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Empirical studies of the over- investment of China 's listed companies

Author: ZhangYue
Tutor: WangPing
School: Capital University of Economics
Course: Accounting
Keywords: Over-investment Free Cash Flow Cash Dividends
CLC: F276.6
Type: Master's thesis
Year: 2009
Downloads: 400
Quote: 0
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Abstract


Investment decision-making as a key financial decisions of corporate financial management theory , play a pivotal role. In the modern enterprise management process , investment decisions are often the first major decision-making as a business development , to determine corporate cash flow growth and future development , and direct impact on business performance and the level of risk , and the future capital market expected evaluation . Enterprises in the development of financing decisions , dividend policy , and other financial decisions should first consider the investment decision-making , believing that its service for the purpose . Relationship study of literature in the field of corporate investment decisions of domestic and foreign scholars mainly in the financing of investment behavior and the rationale behind behavior has become a hot issue in recent years for the study of the relationship between investment behavior and internal cash flow as the internal financing channels . Already a large number of studies have shown that internal cash flow is an important factor that sensitivity to changes in the investment of the cash flow exist investment spending . But explain this sensitivity theory , academics were a large number of theoretical and empirical analysis , the results are different , there has always been two completely different views , that financing constraints hypothesis underinvestment and free cash flow excessive hypothesis investments . The context of the emerging capital markets in China's capital market , on the basis of previous studies , the efficiency of our investment in the combination of normative and empirical research has both theoretical significance and also has a certain practical significance . In this paper, based on a review of relevant research literature and summarize relevant theory , a sample of data to the Shanghai and Shenzhen A-share listed companies between 2003-2007 , the establishment of a statistical model of the investment - cash flow regression test by examining corporate investment and The free cash flow correlation study of corporate existence of the problem of over-investment . The empirical results show that investment and free cash flow significantly positive correlation , and that our corporate existence of excessive investment issues . In the results on the basis of a positive correlation between the draw overall sample free cash flow and investment spending , and the introduction of a corporate cash dividend payout ratio variable regression testing , and found that the payment of cash dividends can not play effectively alleviate excessive investment in listed companies in China effectiveness.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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