發(fā)布時間：2018-10-23 14:14

【摘要】：基于我國制造業(yè)上市公司2007-2015年的非平衡面板數(shù)據(jù),檢驗(yàn)了企業(yè)存貨調(diào)整量對內(nèi)部現(xiàn)金流的敏感性,以及存貨持有量對投資效率產(chǎn)生的影響。實(shí)證結(jié)果表明,融資約束企業(yè)表現(xiàn)出更高的存貨—現(xiàn)金流敏感性。并且,在融資約束企業(yè)中,存貨持有量與投資效率之間存在著倒“U”型關(guān)系。結(jié)論為:存貨是企業(yè)中重要的內(nèi)部融資來源之一,通過存貨持有量的調(diào)整能夠?qū)崿F(xiàn)流動性資源的跨期配置,據(jù)以推動融資約束企業(yè)的投資效率。
[Abstract]:Based on the non-equilibrium panel data of Chinese manufacturing listed companies from 2007 to 2015, the sensitivity of inventory adjustment to internal cash flow and the influence of inventory holdings on investment efficiency are tested. The empirical results show that the firms with financing constraints are more sensitive to inventory-cash flow. Moreover, there is an inverted U-type relationship between inventory holding and investment efficiency in financing constrained enterprises. The conclusion is that inventory is one of the most important internal financing sources in enterprises, and the intertemporal allocation of liquidity resources can be realized through the adjustment of inventory holdings, so as to promote the investment efficiency of enterprises constrained by financing.
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本文編號：2289486