Research On The Relationship Between Investment And Cash Flow For The High-tech Listed Firms

Study on the relationship between the enterprise investment and internal cashflow has always been very theory problems, scholars at domestic and foreign havedone a lot of theoretical and empirical analysis， but there are big differences betweenthe results of the study. High-tech industry has been a leading position in the nationaleconomy, is to accelerate the optimization and upgrading of industrial structure andstrengthen the main force of the capability of independent innovation, thedevelopment of this industry has become a major force in China’s economicdevelopment. Choose the high and new technology enterprises as the research object,this paper respectively from the perspective of financial development level andenterprise scale to study the relationship between investment and cash flow sensitivity,to alleviate the financing problems of high-tech enterprises, improve the investmentefficiency of high and new technology enterprise, enhance the market competitivenessof China’s high-tech enterprises has important practical significance.Based on the elaborate financing constraints and corporate investment behaviortheory, using the theory and empirical analysis of the current situation of China’sinvestment and financing of high-tech enterprises in Shenzhen and Shanghaihigh-tech industry by choosing a listed company financial data for the period2010-2013as a positive samples, the financial development level and the scale ofenterprise for financing constraints under the classification criteria of respectively onoverall samples and groups sample data for empirical test. The empirical study resultsshow that the high and new technology in our country listed company investmentexpenditure and internal cash flow has a strong dependency; the higher the level offinancial development, enterprise investment activities would reduce the degree ofdependence on internal cash flow; And the smaller the enterprise, investmentactivities will rely more on internal cash flow, the level of financial development andenterprise scale management can reduce the internal relationship of the sensitivity ofcash flow and high-tech investment of listed companies in China, and according to theresearch conclusion put forward Suggestions of perfecting our country’s hi-techenterprise investment and financing decisions.The main contribution of this paper is combined with the characteristics of the capital market in China, choose main business revenue growth to measured the highand new technology enterprise investment opportunities, and the cross terms ofinvestment opportunities and cash flow are studied, found that high and newtechnology in our country the relationship between investment and cash flow of listedcompanies is caused by financing constraints.