Sensitivity Analysis Of Investment Cash Flow Of Listed Companies In Japan

The sensitivity of investment cash flow under asymmetric information has been one of the controversial issues.In order to explore the degree of constraint on the cash flow of the enterprise level,a lot of researches have been done by the predecessors,but there is no unanimous conclusion.Financing constraint is the internal and external factors that influence the financing.The classification criteria of financing constraints can be divided into the following two categories:(1)the scale of the company as a distinction between the financing constraints group and the non financing constraint group standards;(2)The dividend payout ratio is used as the criterion to distinguish the financing constraint group and the non financing constraint group.In the case of the United States,due to the time of the data,the company and the financing constraints of the different standards,some scholars that large-scale enterprise investment cash flow sensitivity,small scale enterprises do not have investment cash flow sensitivity;while the other part of the scholars that large scale enterprises there is no investment cash flow sensitivity,small scale enterprise investment cash flow sensitivity.After the collapse of the bubble economy,the Japanese economy has been in a relatively weak state,leading to this phenomenon is mainly due to the Japanese investment has declined significantly.The main part of the investment is in addition to the government is the enterprise,and the reason for the lack of investment is because of the lack of investment funds or the lack of good investment projects,which is the key to solve the problem of corporate investment.For enterprises of different sizes,the reasons for the lack of investment will be different,and the impact of corporate investment is a key factor in the company's cash flow.In order to explore the Japanese enterprises of different sizes of investment cash flow sensitivity problem,based on the 2006-2015 year in Japan and the Tokyo stock exchange motherboard GEM companies as a sample,using PVAR model,investment cash flow sensitivity of Japanese Listed Companies of different scale problems.This study not only helps to reveal the cause of Japan's lack of investment from the micro level,and help China for different scale enterprises to formulate different financing policies targeted to help enterprises of different scale effective investment.In this paper,we find that there is no investment cash flow sensitivity on the 10% level of the listed companies in the main board.The GEM listed on the small and medium-sized enterprises,investment cash flow sensitivity at the 5% level,and the enterprise external financing while to equity financing,but debt financing proportion increased significantly than that of the former.The main causes of the financing difficulties of small and medium-sized enterprises in Japan are:(1)Compared to large enterprises,small and medium-sized enterprise asset size is small,can be used for mortgage assets is significantly less than large enterprises,eventually leading to SMEs in the form of mortgage financing to raise the necessary funds for investment;(2)Compared to large enterprises,SME profitability is relatively stable,good and bad profitability,so that banks and other financial institutions do not have enough confidence in the small and medium-sized enterprises,and lead to the external financing difficulties of small and medium-sized enterprises.Because of the external financing of small and medium-sized enterprises is relatively difficult,in the face of good investment projects,more and more enterprises rely on cash flow to invest,the Japanese small and medium sized enterprises to invest more affected by the enterprise's own cash flow,showing the Japanese small and medium sized enterprises investment cash flow sensitivity.