A Research on Power Enterprises' Risk Management from the Perspective of Soft Budget Constraint and Firm Investment Behavior-Empirical Evidence from Chinese List Corporations

被引：0

作者：

Zhang Chong ^{[1
]}

机构：

[1] Hunan Univ, Changsha 410082, Hunan, Peoples R China

来源：

PROCEEDINGS OF THE 8TH EURO-ASIA CONFERENCE ON ENVIRONMENT AND CSR: TOURISM, MICE, HOSPITALITY MANAGEMENT AND EDUCATION SESSION (PT I) | 2012年

关键词：

Soft Budget Constraint; Firm Investment; Investment Cash Flow Sensitivities; CASH FLOW; AGENCY COSTS; TRANSITION; LIQUIDITY; FINANCE;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, the author analyzes the incentive effects of the soft budget constraint on firm investment behaviour in mainland China on the investment cash flow sensitivity. We employ data of China's listed companies for the period from 2001 to 2004 and explore the differences of investment cash flow sensitivities between entrepreneurial private firms (ERFs) and state owned enterprises (SOEs). The share of state ownership is used as a proxy for the severity of the soft budget constraint. The research shows that the sensitivity of the state owned enterprises (SOEs) investment on cash flow is lower than that of private enterprises (ERFs), and the existence of soft budget constraint distorts the real financing constraints that the state owned enterprises are facing.

引用

页码：192 / 199

页数：8

共 9 条

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