The Empirical Test Of The Impact Of Financing Constraint And Financial Flexibility On The Cash Flow Sensitivity Of Investment

On this topic sensitive relationship between China's listing Corporation investment cash flow financing constraints, the domestic and foreign scholars have done many years of research. Combined with the background of China, after the reform and opening up, China's capital market has been constantly advancing, also gradually to the market. But the development of state-owned enterprises and private enterprises in China capital market, the imbalance also exists all the time. The reason the market defects is the enterprise from the outside can be difficult to raise the funds needed, resulting in the enterprise financing constraints of its investment will depend on internal cash flow to a large extent, so enterprises from financing constraints embodied in the passive and results in a great extent on the table.And the financial flexibility is the management in the imperfect market environment to the enterprise value maximization as the goal, in order to better grasp the future adverse shocks have good prospects of gain investment opportunities or respond to potential, ability through the current financial policy row acquisition or call set up financial resources, so it has the initiative, preventive and prospective etc..According to statistics, national economic growth rate of China's private economy to create GDP growth rate significantly over the same period. The role and development prospects of China's private listing Corporation position, have undergone historic changes. However, because of the influence of the allocation of resources, policy development and many other factors, China's private listing Corporation in terms of investment low efficiency of the situation is very obvious. Therefore, in our country continue to implement market-oriented reform, it is necessary for China's private listing Corporation to make a special study.Based on the domestic and foreign related financing constraints, companies investing theories and research results, the fusion of flexible financial perspective,China's private listing Corporation are selected as sample, to 2009-2013 China's A shares listed private listing Corporation as the object of study, the relevant empirical study of the relationship between China's private listing Corporation financing constraints, financial flexibility and company the investment- cash flow sensitivity,and further analysis of the relationship between financing constraints degree is different, flexible financial reserves under different circumstances the company cash flow and investment spending. The results show, in the context of financial constraints,cash financial flexibility to research based on the perspective of the company's investment flow sensitivity, analysis can better correlation between investment and the company of our country private listing Corporation's internal cash flow, and then on China's private listing Corporation financing decision to give new suggestions.