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Study on the Motives of Inefficient Investment of Listed Companies
Jifu CAI
International Business and Management , 2011, DOI: 10.3968/j.ibm.1923842820110301.1z0423

Abstract: Based on the fundamental theory of value effects of investment, this paper investigates the motives of inefficient investment of listed company in China. Regression results using 3155 Shanghai and Shenzhen listed company observations in 2003-2005 show that investment is sensitive to cash flows when we control the growth opportunity, suggesting that some degree of inefficient investment of listed companies exists. Moreover these relationships are much stronger for state-owned listed companies. The motive test show that investment is positively correlated to future operational performance significantly for both state-owned and nonstate-owned listed companies, which means the reason why listed companies engaged in inefficient investments lies in agent conflicts between shareholders and managers, therefore the main form of inefficient investment of listed companies is overinvestment. Key words: Financial constraints; Agent conflicts; inefficient investment; Investment-cash flow sensitivity

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Distances and Small Business Credit Constraints: The French case
Salima Djedidi Kooli
International Journal of Economic Sciences and Applied Research , 2012,

Abstract: Deregulation and progress in information and communication technologies have increased thegeographical expansion of banking structures and instruments. This makes banks operationallyclose to the borrowers. At the same time, banking industry consolidation have induced ageographical concentration of banking decision centers and strategic functions, leading toan increase of the functional distance that separates the decision center of a bank from itsoperational branches. The aim of this paper is to evaluate the impact of these two trends onsmall and medium-sized enterprise (SME) lending. Our findings on French data suggest that(i) increased functional distance induces an increase of the investment cash flow sensitivityconsidered as a measure of financing constraints and that (ii) the relationship betweenoperational proximity and financing constraints is non linear with an investment-cash flowrelationship supposed to be increasing for low levels of operational proximity below a certainthreshold and decreasing for high levels of it. The adverse effect of functional distance onfinancing constraints is particularly acute for small firms.

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Investment–cash flow sensitivities of restaurant firms: A moderating role of franchising
Kyung-A Sun,Kyuwan Choi,Seoki Lee,Serin Choi
- , 2018, DOI: 10.1177/1354816618759201

Abstract: Although some theories argued that investment decisions are irrelevant to financing decisions under the assumption of perfect market, investment decisions and capital structure seem interdependent in real-world circumstances. Further, the past literature also suggested a close relationship between internal cash flows and investment decisions, that is, investment–cash flow sensitivity (ICFS), but this issue has not been closely examined in the restaurant setting. Therefore, the current study first proposes to examine ICFS in the context of the restaurant industry. More importantly, this study also examines a moderating role of franchising to better explain ICFS, considering a major role of franchising in the restaurant industry, based on theories of pecking order, resource scarcity, and risk sharing. Findings of the current study deepens the understanding of ICFS via franchising, making meaningful contributions to not only to existing ICFS literature but also restaurant franchising literature

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CEO的财务经历有利于缓解企业融资约束吗*
CAN CEOS FINANCIAL EXPERIENCE BE HELPFUL FOR CORPORATE FINANCIAL CONSTRAINT#br#
姜付秀,张晓亮,蔡文婧#br#
- , 2018,

Abstract: 摘要 CEO的财务经历有利于其做出合理的融资决策和投资决策，从而有助于降低企业融资约束。以2000—2013年沪深A股上市公司作为研究对象，本文实证检验结果证明了笔者的这一假设。该结论在控制内生性以及采用其他指标衡量融资约束等稳健性检验之后仍然成立。进一步检验结果表明，在外部融资条件较差时，CEO财务经历对于缓解融资约束的作用更为显著；同时，CEO财务经历有助于企业提高投资绩效。这表明了具有财务经历的CEO通过提高企业外部融资能力和投资决策的合理性，从而缓解企业融资约束。本文在丰富高阶梯队理论和融资约束领域文献的同时，对于上市公司制定科学合理的CEO聘任决策以及缓解融资约束等方面有重要的启示。
Abstract： This paper examines the influence of CEOs financial experience on firms financial constraintWe contend that financially experienced CEOs have better access to capital markets and can make more reasonable investment decisions, leading to lower level of corporate financial constraintUsing a sample of Ashare listed firms in Shanghai and Shenzhen stock exchanges during 2000—2013，we find that firms with financially experienced CEOs exhibit lower investmentcash flow sensitivities，which means less financial constraintThis result is robust to endogeneity issues and alternative measures of financial constraintFurthermore，we show that the negative relation between financial experience and financial constraint is more pronounced among firms operated in poorer condition of external financing；meanwhile CEOs financial experience significantly increases investment performanceThe evidence suggests that CEOs financial experience benefits corporate financial constraints by improving financing and investment decisionsThis paper contributes to the literature on Upper Echelons theory and financial constraints，and has significant implications for the firm to make better decisions on CEO appointment and financial constraint alleviation

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Over-Investment of Free Cash Flow during CEO’s Tenure [PDF]
Xia Jiang
Technology and Investment (TI) , 2016, DOI: 10.4236/ti.2016.73007

Abstract: This paper examines the relationship between CEO’s tenure and their firm’s investment efficiency. Over-investment is greater in the early years than in the later years of CEO’s service. Consistent with prior literature, the results also suggest over-investment increases with firm’s internally-generated cash flow.

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Literature Review on Why Q Theory Didn’t Work [PDF]
Qianwen Ding
Modern Economy (ME) , 2019, DOI: 10.4236/me.2019.103066

Abstract: This paper briefly reviewed the investment theory—Q theory and explained why Q theory cannot indicate the change of investment from the perspective of cash flow and misvaluation. I further demonstrated the foreign research and domestic research on the channel through which misvaluation influent investment.

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管理者层级差异的过度自信对企业投资决策的影响研究
Impact of Different Managerial Level Overconfidence on Corporate Investment Decision
刘柏,梁超
LIU Bai,LIANG Chao
- , 2016,

Abstract: 摘要将管理者划分为董事长和总经理两个管理层级，考察不同管理层级过度自信对投资水平的影响。以管理者自愿持股增加作为过度自信的代理变量，通过建立全样本、董事长过度自信、总经理过度自信、二职合一过度自信、董事长和总经理同时过度自信5个样本组，用2010～2014年A股上市公司的数据，分别对5个样本组进行回归。实证结果表明，管理者过度自信对公司投资水平具有正向影响，而且筹资现金流对该影响具有负向调节作用。不同管理者过度自信对投资水平的作用途径有所不同：董事长过度自信在直接调整投资水平的同时，会降低投资对经营现金流的敏感性；总经理的过度自信只影响投资水平，不改变投资对现金流的敏感性。相对于董事长和总经理同时过度自信的管理者而言，二职合一管理者过度自信对投资水平影响更显著

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金融发展对中国中小板上市公司融资约束的影响
A Study of Influence of the Financial Development Level on China’sSMEs Financing Constraints
曾之明,汪晨菊,张,琦
- , 2017,

Abstract: 从投资-现金流的敏感性角度出发，利用我国中小企业板上市公司在 2004—2014年的数据为研究样本，通过建模实证研究金融发展对中国中小板上市公司融资约束瓶颈的影响程度。结果表明，中国中小上市公司的投资与其内部现金流有着显著的正向关系；金融发展能够缓解中小上市公司的融资约束现象，且金融发展程度越高，对中小板上市公司的融资瓶颈约束缓释效果越强，即减缓了企业的投资-现金流敏感性。
The paper uses the data of small and medium sized enterprises listed on the Chinese securities markets during 2004-2014 as the study sample, empirically studies the financial development level of China's SMEs financing constraints degree of influence from the angle of investment cash flow sensitivity. The results show that: there is a significant positive relationship between investment and internal cash flow of SMEs in China; financial development can alleviate the financing constraints of SMEs, and the higher the level of financial development, the greater the degree of financing constraints, that is, to reduce the investment cash flow sensitivity.

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CREATING VALUE FOR SHAREHOLDERS BY THE USE OF CASH-FLOWS
Berceanu Dorel,Siminica Marian,Bandoi Anca
Annals of the University of Oradea : Economic Science , 2009,

Abstract: This paper addresses a topic of great contemporaneity and of particular importance, namely the extent to which the creation of value is achieved at micro level through the cash flow. Thus, after a brief introduction, there are given short feedbacks on two

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Evaluation of Developed Low-Grade Reservoir by Cash Flow Economic Evaluation Method [PDF]
Liming Liu, Youming Xiong, Songlin Zhang, Lixue Chen, Haohan Liu
Journal of Financial Risk Management (JFRM) , 2013, DOI: 10.4236/jfrm.2013.22007

Abstract:

There is no united method to evaluate developed low-grade reservoir. Cash flow economic evaluation method is widely used in China and other countries. Cash flow method contains three different economic evaluation methods, they are VP, IRR and investment recovery period methods. In this paper, we evaluate a developed low-permeability sandstone reservoir and a developed middle-high permeability complex fault block sandstone reservoir with the cash flow economic evaluation method. We get the evaluation standard charts of the developed low grade big reservior, developed fault block reservior with middle-high permeability, developed fault block reservior with low permeability and heavy oil thermal recovery reservior. This new cash flow method lays theoretical foundations for evaluation of developed low-grade reservoir and other kinds of reservoirs.

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