光華講壇——社會名流與企業(yè)家論壇第6628期

主 題：投資-銷售敏感性 The Investment-Sales Sensitivity

主講人：張?zhí)?香港科技大學(xué)教授

主持人：吳季 西南財經(jīng)大學(xué)經(jīng)濟與管理研究院教授

時 間：10月22日10:00-11:30

地 點：西南財經(jīng)大學(xué)柳林校區(qū)格致樓1211

主辦單位：經(jīng)濟與管理研究院 科研處

主講人簡介：

張?zhí)?，博? 1992年獲得芝加哥大學(xué)金融學(xué)博士學(xué)位，目前擔(dān)任香港科技大學(xué)商學(xué)院金融講席教授（Chair Professor），主要研究領(lǐng)域包括資產(chǎn)定價、金融風(fēng)險、宏觀經(jīng)濟政策等。研究成果發(fā)表于Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Journal of Monetary Economics, Journal of Banking and Finance 等國際權(quán)威期刊。

內(nèi)容提要：

美國制造企業(yè)的公司投資長期以來對銷售額具有較高的響應(yīng)性。與近年來已降至接近零的投資-現(xiàn)金流敏感性不同，投資-銷售敏感性在經(jīng)濟上和統(tǒng)計上仍保持較高水平。投資-銷售敏感性的發(fā)現(xiàn)支持了Q理論解釋，而非投資-現(xiàn)金流敏感性的財務(wù)約束解釋。近年來這兩種敏感性的對比揭示了銷售額和現(xiàn)金流在有形資產(chǎn)投資中的信息作用差異。這種差異主要由新經(jīng)濟公司對積累組織資本的需求驅(qū)動。

Corporate investment has been responsive to sales among US manufacturing firms for a long time. Unlike the investment-cash flow sensitivity which declined to near zero in recent years, the investment-sales sensitivity has remained economically and statistically high. The finding of the investment-sales sensitivity lends support to the Q-theory explanation over the financial-constraint explanation of the investment-cash flow sensitivity. The contrast between the two sensitivities in more recent years reveals the difference in the informational role for the investment of tangible assets between sales and cash flow. The difference is mainly driven by the need to accumulate organizational capital in new-economy firms.