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首页> 外文期刊>SAGE Open >The Sensitivity of Firms’ Investment to Uncertainty and Cash Flow: Evidence From Listed State-Owned Enterprises and Non-State-Owned Enterprises in China
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The Sensitivity of Firms’ Investment to Uncertainty and Cash Flow: Evidence From Listed State-Owned Enterprises and Non-State-Owned Enterprises in China

机译：公司对不确定性和现金流量的投资的敏感性：来自上市国有企业和中国非国有企业的证据

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摘要

This study examines the association between various uncertainties and corporate investment and further investigates this association between state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). Moreover, this study analyzes the indirect effects of uncertainty on corporate investment through cash flow. The current research uses an unbalanced panel data of Chinese nonfinancial listed firms for the period 1999–2016. To control endogeneity issues, this study applies a robust two-step system generalized method of moments (GMM) technique to estimate the model. Empirical findings indicate that market-based and firm-specific uncertainties have positive effects, whereas economic policy and CAPM-based uncertainties have negative effects on corporate investment. Furthermore, results indicate that the effects of market-based, CAPM-based, and firm-specific uncertainties (economic policy uncertainty) were less (more) prominent for SOEs. Additional analyses show that cash flow stimulates the effect of firm-specific uncertainty on SOEs’ investment, whereas it weakens the influence of CAPM-based uncertainty (economic policy uncertainty) on investment of non-SOEs (SOEs). Moreover, cash flow attenuates the market uncertainty effect on investment.
机译：本研究探讨了各种不确定性和企业投资之间的关联，进一步调查国有企业（国有企业）和非国有企业（非国有企业之间的协会。此外，本研究分析了不确定性通过现金流量对企业投资的间接影响。目前的研究在1999 - 2016年期间使用了中国非金融上市公司的不平衡面板数据。为了控制内生性问题，本研究适用于强大的两步系统通用方法（GMM）技术来估计模型。实证调查结果表明，基于市场和公司特定的不确定性具有积极影响，而经济政策和基于CAPM的不确定性对企业投资产生负面影响。此外，结果表明，基于市场的，基于CAPM的效果和特定的不确定性（经济政策不确定性）对国有企业的突出突出（更多）。额外的分析表明，现金流刺激了坚定的不确定性对国有企业投资的影响，而基于CAPM的不确定性（经济政策不确定性）对非国有企业的投资（国有企业）的影响造成了对非国有企业的影响。此外，现金流量减轻了对投资的市场不确定性影响。

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