{"title":"中国现金流不确定性对投资-现金流敏感性的影响：债务融资渠道","authors":"Sai Ding, Minjoo Kim, Xiao Zhang, Yanyu Zhou","doi":"10.1002/ijfe.3103","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>Chinese firms' investment-cash flow sensitivity (ICFS) declined during the global financial crisis (GFC), contradicting the conventional financial constraint interpretation of ICFS. We analyse this phenomenon by examining how cash flow uncertainty affects financing investment. We find that ICFS reveals not only the relationship between investment and cash flow but also that between internal funds and debt financing. When internal funds and debt financing are complementary, cash flow uncertainty decreases ICFS more than when they are substitutes. The relationship between internal funds and debt financing weakens when cash flow uncertainty rises. A natural experiment based on the GFC and the post-GFC economic stimulus package confirms the causal relationship between cash flow uncertainty and ICFS.</p>\n </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3986-4003"},"PeriodicalIF":2.8000,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Impact of Cash Flow Uncertainty on Investment-Cash Flow Sensitivity in China: The Debt Financing Channel\",\"authors\":\"Sai Ding, Minjoo Kim, Xiao Zhang, Yanyu Zhou\",\"doi\":\"10.1002/ijfe.3103\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>Chinese firms' investment-cash flow sensitivity (ICFS) declined during the global financial crisis (GFC), contradicting the conventional financial constraint interpretation of ICFS. We analyse this phenomenon by examining how cash flow uncertainty affects financing investment. We find that ICFS reveals not only the relationship between investment and cash flow but also that between internal funds and debt financing. When internal funds and debt financing are complementary, cash flow uncertainty decreases ICFS more than when they are substitutes. The relationship between internal funds and debt financing weakens when cash flow uncertainty rises. A natural experiment based on the GFC and the post-GFC economic stimulus package confirms the causal relationship between cash flow uncertainty and ICFS.</p>\\n </div>\",\"PeriodicalId\":47461,\"journal\":{\"name\":\"International Journal of Finance & Economics\",\"volume\":\"30 4\",\"pages\":\"3986-4003\"},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2025-01-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Finance & Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/ijfe.3103\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Finance & Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/ijfe.3103","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The Impact of Cash Flow Uncertainty on Investment-Cash Flow Sensitivity in China: The Debt Financing Channel
Chinese firms' investment-cash flow sensitivity (ICFS) declined during the global financial crisis (GFC), contradicting the conventional financial constraint interpretation of ICFS. We analyse this phenomenon by examining how cash flow uncertainty affects financing investment. We find that ICFS reveals not only the relationship between investment and cash flow but also that between internal funds and debt financing. When internal funds and debt financing are complementary, cash flow uncertainty decreases ICFS more than when they are substitutes. The relationship between internal funds and debt financing weakens when cash flow uncertainty rises. A natural experiment based on the GFC and the post-GFC economic stimulus package confirms the causal relationship between cash flow uncertainty and ICFS.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
