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Modigliani和Miller认为,在完美的资本市场中,企业选择最佳的投资水平,而不考虑其资本结构。然而,在现实世界中,由于信息不对称、机构冲突造成的财务约束和自由现金流,企业的资本投资效率不处于最佳水平。企业资本投资受到内部现金流的约束和限制,从而导致投资-现金流动敏感性问题。本文扩展了投资现金流研究中的投资类型与范围,基于2009—2012年创业板企业数据,实证研究了企业现金流对资本投资、R&D投资、广告投资的影响。
Modigliani and Miller argue that in a perfect capital market, firms choose the optimal level of investment regardless of their capital structure. However, in the real world, the efficiency of capital investment in enterprises is not at the optimum level due to information asymmetry, financial constraints caused by institutional conflicts and free cash flow. Corporate capital investment is subject to internal cash flow constraints and restrictions, leading to investment - cash flow sensitivity issues. This paper expands on the type and scope of investment in the research of investment cash flow. Based on the data of GEM from 2009 to 2012, this paper empirically studies the impact of cash flow on capital investment, R & D investment and advertising investment.