On the Maturity Structure, the Source of Debt and the Over-investment of Cash Flow
以1997-2004年中国A股206家制造业上市公司为样本，发现现金流对投资有显著影响，企业同时存在代理成本导致的过度投资和信息不对称导致的投资不足，且债务比率、期限结构和来源均影响过度投资程度。
This paper investigates the non-efficiency of cash flow investments by using the sample of 206 manu- facturing firms listed on the Chinese A-share market during the period of 1997 ~ 2004. The authors document the evidence that the investment activities are significantly sensitive to the cash flows. These firms exhibit both overinvestment induced by agent costs and underinvestment caused by information asymmetry. Further tests ex- amine the impact of debt constraints on the sample firms' overinvestment activities. The results show a negative correlation between the debt ratio and the extent of overinvestment. It is also found that the maturity structure of debt and the source of debt both have significant impact on the overinvestment activities.