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題名:中國股權分置改革對於公司之投資與現金流量敏感度之影響
書刊名:證券市場發展季刊
作者:蔡盈如陳怡珮 引用關係洪榮華 引用關係黃信達
作者(外文):Tsai, Ying-juChen, Yi-peiHung, Jung-huaHuang, Hsin-ta
出版日期:2015
卷期:27:4=108
頁次:頁81-117
主題關鍵詞:投資和現金流量敏感度股權分置改革中國Investment-cash flow sensitivitySplit share structure reformChina
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:13
  • 點閱點閱:5
本研究探討中國股權分置改革對中國上市公司投資與現金流量敏感度與投資效率之影響,並分成中央政府控制公司、地方政府控制公司與非國有公司,以分析不同類型股權結構之投資行為是否有所差異。實證結果顯示:股權分置改革會使得投資與現金流量敏感度之U形曲線變得平緩,表示股改對於中國上市公司具有正向影響,此結果對於投資機會較少的中央政府控制與地方政府控制公司尤為明顯,原因是由於股改有助於改善政策導向之過度投資問題,另一方面,股改可提高資本市場流動性,降低財務限制,亦有助於改善地方政府控制公司投資不足之問題。其中,減緩中央政府控制公司其投資-現金流量敏感度之邊際效果,大於地方政府控制公司。非國有公司則可降低財務限制,緩和其投資不足問題。
We investigate the impact of split share structure reform on firms’ investment-cash flow sensitivity and investment efficiency. We classify the sample into three types based on ownership structure, including central government-controlled firms, local government-controlled firms and non-state-owned enterprises. Our findings suggest that split share structure reform has a positive impact on investment-cash flow sensitivities of Chinese listed firms, leading to a flatter U-shaped investment-cash flow curve. Additionally, split share structure reform can mitigate politically-oriented investments of central government- and local government-controlled firms and underinvestment problems of local government-controlled firms as well. Finally, the underinvestment problems of non-state-owned enterprises can be alleviated due to lower financial constraints.
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