光華講壇——社會(huì)名流與企業(yè)家論壇第6628期
主 題：投資-銷(xiāo)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(cái)經(jīng)大學(xué)經(jīng)濟(jì)與管理研究院教授
時(shí) 間：10月22日10:00-11:30
地 點(diǎn)：西南財(cái)經(jīng)大學(xué)柳林校區(qū)格致樓1211
主辦單位：經(jīng)濟(jì)與管理研究院 科研處
主講人簡(jiǎn)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(jià)、金融風(fēng)險(xiǎn)、宏觀(guān)經(jīng)濟(jì)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(guó)際權(quán)威期刊。
內(nèi)容提要：
美國(guó)制造企業(yè)的公司投資長(zhǎng)期以來(lái)對(duì)銷(xiāo)售額具有較高的響應(yīng)性。與近年來(lái)已降至接近零的投資-現(xiàn)金流敏感性不同，投資-銷(xiāo)售敏感性在經(jīng)濟(jì)上和統(tǒng)計(jì)上仍保持較高水平。投資-銷(xiāo)售敏感性的發(fā)現(xiàn)支持了Q理論解釋?zhuān)峭顿Y-現(xiàn)金流敏感性的財(cái)務(wù)約束解釋。近年來(lái)這兩種敏感性的對(duì)比揭示了銷(xiāo)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(jì)公司對(duì)積累組織資本的需求驅(qū)動(dòng)。
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.
