摘要股权结构是研究公司代理成本、委托代理关系等问题的基本起点。由于现实的资本市场存在信息不对称，内部融资与外部融资之间存在成本差异，这就使得内部现金流在企业的发展中发挥着重要的作用，成为影响企业投资水平的重要因素。本文从股权结构角度分股权性质和股权集中度两个角度来分析投资现金流敏感性的变化，力求为中国的股权结构现状提出自己的研究结论。研究表明:(1)中国制造业上市公司的投资与企业内部现金流之间存在正相关关系，即存在投资现金流敏感性。(2)在中国制造业上市公司中，非国有上市公司存在投资现金流敏感性，而国有上市公司未能存在投资现金流敏感性。(3)在非国有上市公司中，股权集中度低的企业比股权集中度高的企业拥有更高的投资现金流敏感性。64475

毕业论文关键词  股权结构  投资现金流敏感性  实证研究

毕 业 论 文 中 文 摘 要

 毕 业 论 文 外 文 摘 要

Title    Study on the Influence of Ownership Structure on Investment-cash Flow Sensitivity: Empirical Evidence from Chinese Listed Companies                                               

Abstract

Ownership structure is the basic starting point of the study of Agency Cost , principal-agent relationship and other issues. Because of the asymmetry of information in capital market, there is dramatic cost difference between internal and external capital. It makes internal cash flow play an important role at business enterprise operation and development. In order to  make  conclusion of the study about the ownership structure of China, this paper analyses the changes in investment  cash flow sensitivity from two perspectives - nature of equity and  ownership concentration .Study shows that:(1)The  investment  of the China’s manufacturing  listed  companies is positively associated with internal cash flow .(2)In China’s manufacturing listed companies, non-state-owned listed companies  exist investment-cash flow sensitivity, while the state-owned listed companies fail to exist investment-cash flow sensitivity.(3) In  non-state-owned listed companies, the  investment-cash flow sensitivity of the listed companies with low ownership concentration is higher than  the listed companies with high ownership concentration.

Keywords Ownership Structure,Investment-cash Flow Sensitivity,Empirical Research

1 绪论 1

1.1  研究背景 1

1.2  研究目的与内容 2

1.3  研究框架 2

2 相关理论及文献回顾 4

2.1  相关定义 4

2.2  相关理论 4

2.3  国内外文献回顾 6

3 实证设计 9

3.1  研究假设 9

3.2  样本选择与数据来源 10

3.3  模型设计 10

3.4  研究中所需变量 11

4  实证结果与分析 15

4.1  描述性统计分析 15

4.2  相关性分析