现金流量对上市公司投融资决策的影响与对策研究

上海交通大学博士学位论文现金流量对上市公司投融资决策的影响与对策研究姓名：姜秀珍申请学位级别：博士专业：企业管理指导教师：陈俊芳20031101IIIIIIDissertationSubmittedtoShanghaiJiaoTongUniversityforDegreeofPh.DABSTRACTIVTheResearchofImpactandStrategyofCashFlowonListedCompany’sInvestmentandFinancingDecisionsABSTRACTCorporateinvestmentandfinancingdecisionsisanimportantcoreprobleminfinancedecisions.Generally,intheprocessofinvestmentandfinancingdecisions,peopleonlyaretiedupthecategoryofinvestmentandfinancingcontentsthemselves,theythinktheywillwiniftheycancontrolrisksandprofitsofinvestmentdecisionsandselectreasonablecapitalstructureanddividenddecisionsinfinancingdecisions.Therelationshipofcashflowandinvestmentandfinancingdecisionsonlyisconfinedtotherelationshipofcapitalinvestmentdecisionsandthecashflowthatthecapitalinvestmentproduces.Thereisabsentofdeeptheoreticalrecognitiononwhichcorporatecashflowreflectingfinancehealthsituationaffectstheinvestmentandfinancingdecisions.Theobjectofcorporatefinancialmanagementisthefundsmoving,cashflowasdynamicstateexpressionoffundsmovingsyntheticallyreflectsthewholefeatures,whichincludingthemainprocesses(supply,produce,sale)andmainaspects(financing,investment;cost,expense;profitdistribution).Cashflowmakesupthefundamentaloperatingframeworkofbusinessmanagement,itisstartingpointandterminalpointofcorporatemanagementbehavious.1950s-1990s,manyeconomistsachievedcreativefruitsintherelevantsciencefields,suchasfirmvaluetheory,informationeconomics,principal-agenttheoryandfinanceengineeringtheory,whichbecomethetheoreticalpremiseofcashflowaffectingcorporateinvestmentandfinancingdecisions.Thispaperdevotedtheresearchofimpactandstrategyofcashflowonlistedcompany’sinvestmentandfinancingdecisions.Atfirst,onthebasisoffullyunderstoodandgraspedrelevanttheories,thispaperanalyzedtheeconomicmechanismofimpactofcashflowoninvestmentandfinancingdecisions,andbuiltasystemictheoreticalsystem,respectivelyresearchedtherelationshipofcashflowandcapitalstructure,cashflowuncertaintyanddividenddecisions,cashflowandinvestmentdecisionsunderdifferentcharacteristicfactors(equitystructure,firmsize,andsoon).Onthebasisoftheoreticalanalysisabove,thispaperbuiltregressiveequationrespectively,andempiricallycheckedtherelationshipofcashflowandinvestmentandfinancingdecisionsoflistedcompaniesinChina.ThispaperthoughtbecauselistedDissertationSubmittedtoShanghaiJiaoTongUniversityforDegreeofPh.DABSTRACTVcompaniesgraduallywereproducedintheprocessofdenyingandreformingplanningeconomiccorporateinstitution,sotheselistedcompanieswerenotthenaturalresultsofthedevelopmentofclassiccorporateinstitution,thiskindofespecialinstitutionarrangementmustbringsomenewdiscoveriesandconclusionstotheresearchofthispaper.Ontheaspectofcashflowaffectinginvestmentdecisions,accordingtothetraditionalneo-classicinvestmenttheoreticalmodel,thispaperfirstcheckedifinvestmentdecisionsoflistedcompanieswassensitivetocashflow,then,accordingtocorporatecharacteristicfactors,furthercheckedtherelationshipofcashflowandinvestmentdecisions,resultsfound:undertheconditionofdifferentequity-controlledtypes,investmentwassensitivetocashflow,butthemotivewhichcashflowwassensitivetoinvestmentinstate-ownedequity-controlledcompaniescamefromfreecashflowhypothesis,theresultwasover-investment,andthemotiveincorporateequity-controlledandequity-dispersedcompaniescamefrominformationasymmetryhypothesis,theresultwasunder-investment.Undertheconditionofdifferentfirmsizes,investmentwassensitivetocashflow,butthemainmotivewhichcashflowwassensitivetoinvestmentinbiggerfirmsizecamefrominformationasymmetryhypothesis,theresultwasunder-investment,andthemotiveinsmallerfirmsizecamefromfreecashflowhypothesis,theresultwasover-investment.Ontheaspectofcashflowaffectingfinancingdecisions,thispaperfirstanalyzedthecashflowmodelandnetoperatingflowseffects,exploredtherelationshipofcashflow,typesoffinancingandcapitalstructure,anddesignedoperatemethodofdiscerningexcessiveequityfinancingaccordingtotheseprinciples,thenbuiltmathematicsmodelandempiricallycheckedtheimpactofcashflowuncertaintyondividenddecision,theresultfound:Cashflowuncertaintywasnegativesignificantcorrelationtothedividendpayout,dividendpolicyaffectedstockprice,anditfolloweddividendsignaltheory.Theoreticalanalysisandempiricalstudyoftheimpactofcashflowoninvestmentandfinancingdecisionsareveryimportantinnovationsinthispaper.AfterMMtheory,theopinionoffirmvaluemaximumisgoingdeepintopeople’sheart,investmentandfinancingdecisionsdeterminesthefirmvalue.Soonthebasisoftheimpactofcashflowontheinvestmentandfinancingdecisions,thispaperfurtherresearchedtheimpactonfirmvalue,itmadethepaperbecomeanintergretedandtightlogicsystem.Accordingtotheseimpacts,ontheperspectiveoffirmvaluemaximum,thispaperdesignedtherelevantstrategies,forexample,cashflowmanagementstrategy,cashflowhedgingstrategyandoptimizingcorporategovernancesuggestion,thesearealsoinnovationsinthispaper.Finally,thispaperfurthercheckedtheoreticalanalysisandempiricalstudyabovethroughanalyzingtypicalcase.Thetheoreticalanalysisandempiricalstudyofthispapersuggested:cashflowwasanimportantfactorwhi