投资对现金流的敏感性与股权结构.pdf

* *: 10087101062757895 E-mail: zhangyi@gsm.pku.edu.cn 1998 2001 Ownership, Cash flow, and Investment Abstract Firm capital investment is one of the most important issues in corporate financial policy. For the reason why internal cash flow can influence investment there exist two alternative explanations, i.e., Free-Cash-Flow Hypothesis associated with overinvestment and Asymmetric-Information Theory indicating underinvestment. It is important to distinguish the two explanations. This paper takes ownership factor into account and explores empirical research on investment-cash flow sensitivity based on the data of listed companies from 1998 to 2001.We find that, in the companies ultimately controlled by local governments or state-owned enterprises, the investment-cash flow sensitivity decreases as the largest shareholder holding increases; while in the companies ultimately controlled by central government, non-state-owned entities or natural persons, the sensitivity does not decline as the largest shareholder holding increases. Our results suggest that there exist free-cash-flow problems in the companies ultim