企业投资、现金流水平与市场不完善

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2009-01-04 DOI:10.2139/ssrn.968149

G. Mundaca

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引用次数: 4

摘要

我们分析了公司的投资行为，根据公司在其生命周期中所经历的现金流水平来区分公司。因此，我们将公司视为基本单位，而不是公司年度观察结果。持续现金流为正的企业比持续现金流为负的企业表现出更高的投资-现金流敏感性。独立于他们所属的行业，具有正现金流的老公司比具有正现金流的年轻公司表现出更弱的敏感性。持续负现金流量的企业既不年轻也不小，其现金流量系数可以为正、负或统计上不显著。因此，按年龄或规模对公司进行分类可能不会产生一组财务结构相似的公司。

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Corporate Investment, Cash Flow Level and Market Imperfections

We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during their lifecycles. We consequently consider the firm as the basic unit and not firm-year observations. Firms with persistent positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of the industry they belong to, older firms with positive cash flow show a weaker sensitivity than younger firms with positive cash flow. Firms with persistent negative cash flow are neither younger nor smaller than their counterparts, and their cash flow coefficient can be positive, negative or statistically insignificant. Thus, classifying firms by age or size may not yield a group of firms with similar financial structures.

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来源期刊

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.