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本文主要研究现金质量对内部现金流与投资效率之间关系的影响。研究结果发现,我国上市公司中,高现金质量有利于抑制内部现金流富余的公司进行过度投资,低现金质量会抑制内部现金流不足的公司的投资不足行为。
This paper focuses on the impact of cash quality on the relationship between internal cash flow and investment efficiency. The results show that in China’s listed companies, high cash quality is conducive to curbing the internal cash flow surplus companies over-investment, low cash quality will inhibit the lack of internal cash flow inadequate investment behavior.