论文部分内容阅读
本文对2000—2009年中国食品饮料行业上市公司的样本数据进行了实证研究,发现小规模公司现金持有量对其内部现金流表现出一定程度的敏感性,而大规模公司的现金持有量则对其内部现金流没有表现出敏感性。原因可能在于小规模公司比大规模公司面临更强的融资约束。
This paper conducts an empirical study on the sample data of listed companies in China’s food and beverage industry from 2000 to 2009 and finds that the cash holdings of small-scale companies show a certain degree of sensitivity to their internal cash flow. However, the cash holdings of large-scale companies It does not show any sensitivity to its internal cash flow. The reason may be that small-scale companies face greater financing constraints than large-scale companies.