摘要
选取2007—2012年传播与文化产业上市公司样本数据,运用现金-现金敏感性模型衡量公司受到的融资约束程度,并通过回归模型进行了验证,结果稳健地证明现金-现金流敏感系数显著为正,说明我国传播与文化产业上市公司存在严重的融资约束;同时,发现盈余管理在一定程度上能使公司受到更大程度的融资约束,特别是正向的盈余管理比负向的盈余管理对融资约束的作用更显著。优化公司治理结构、发挥董事会与监事会的职权、持续的盈利为企业的投资和融资提供保证是我国传播与文化产业缓解融资约束的有效途径。
Based on the data of China＇s listed companies in communication and culture industry from 2007 to 2012, this paper investigates the issue of financing constraints by using the cash-flow sensitivity model and the multiple regression model. The results provide robust evidence that the cash-flow coefficient is significantly positive, thus proving the fact that there exist serious financing constraints for China＇s listed companies in communication and culture industry. Meanwhile, it is found that to some extent a company＇s earnings management entails more financing constraints, in particular, positive earnings management exerts more significant effect on financing constraints than negative earnings management. Optimizing the structure of corporate governance, playing the authority of board of directors and supervisory board, and guaranteeing corporate investment and financing through sustainable profitability are effective ways to relieve financing constraints for communication and culture industry.
出处
《东北大学学报（社会科学版）》
CSSCI
北大核心
2014年第6期578-583,595,共7页
Journal of Northeastern University(Social Science)
基金
国家社会科学基金资助项目(12BJL054)
关键词
传播与文化产业
融资约束
现金流敏感系数
盈余管理
communication and culture industry
financing constraint
cash-flow sensitivitycoefficient
earnings management
