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Study on Investment Cash Flow Sensitivity with Financial Constraints

Author: ZhangYuanFen
Tutor: LiuYiJuan
School: Nanjing University of Technology and Engineering
Course: Accounting
Keywords: Financing constraints External financing costs Investment opportunities Internal cash flow Sensitivity
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 428
Quote: 1
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Abstract


Information based on non- symmetric investment and financing problems is one of the hot academic research , because companies must invest in the development . Enterprises in the formulation of investment decisions should be based on a reasonable investment opportunity, when faced with high expectations of the project , the first choice is endogenous financing to meet the investment needs , when unable to meet the needs of internal funds , the firm will meet the safety under the premise of raising funds from outside . But the enterprise in which the capital market is flawed , which produces asymmetric information , transaction costs and other issues are in varying degrees of external financing constraints , resulting in differences in financing costs and the formation of internal and external financing constraints , in order from the investment is Lee must consider financing constraints on investment constraints . The high cost of external financing led to blind investment companies can not , and should be based on changes in the market choose the right investment opportunity . In previous research financing constraints and investment cash flow sensitivity issues rarely consider investment opportunities , changes in the market and thus ignore the impact on investment decisions , respectively, in this paper does not consider financing constraints and investment opportunities , financing constraints, and considering only the two are considered the three cases, the investment opportunity as an exogenous variable analysis, investment cash flow sensitivities . Based on this, the first theoretical analysis based on the introduction of qualitative measure of the difference between the compensation threshold abstract investment opportunity deduced with external financing costs and cash flow as a function of the relationship type, analyze its derivative function as a basis for proposed research assumptions. Listed companies in China's manufacturing industry and then select the 2005-2009 data as the study sample , to invest in the growth rate as the dependent variable , cash flow ratio as independent variables to measure the investment opportunity Tobin's Q as a control variable , according to the impact of financing constraints mechanisms were with firm age , asset size, cash flow interest coverage and forecasts from the main business income standards slip grouping the samples , respectively, of financing constraints for investment cash flow sensitivity regression analysis, the investment growth rate financing constraints with non-monotonic relationship between cash flow ratio conclusion , to a certain extent, for enterprises to develop investment decisions need to be considered when selecting a reasonable opportunity to provide the basis for investment .

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