英文摘要 |
Although there were various interpretations from many articles about the meanings of sensitivity of investment and cash flow, the sensitivity of investment and cash flow still continues to become the main topic in many research articles. The paper not only extends the past studies but also emphasizes the difference among the individual corporations how to explain the importance of the sensitivity. The main point is to observe whether various enterprise life cycles will manage to different sensitivities of investment and cash flow. The conclusion of the article not only finds out the phase variety of life cycle which can promote the explanation capacity of the module, but also can prove that finance constraints from banking system at pre-growth phase is the main point to cause sensitivity. This finding has the same result as Kaplan & Zingales (1997). However, at regression -post phase, sensitivity situation has been found too. At the phase, the main reason to cause sensitivity is the requirement for investment, not the requirement of the finance support. Moreover, finance constraints also are not the main reason for causing sensitivity. As far as the integration is concerned, sensitivity of the investment and cash flow at pre-growth phase only can be explained from the degree of imperfect market. If the difference of the special features from various companies has not been controlled, the consequence from various articles will be different and the reason of causing sensitivity also can not be handled. |