بررسي ارتباط حساسيت سرمايه‌گذاري جريان نقدي با سطح مخارج سرمايه‌گذاري

هدف اين مقاله، بررسي ارتباط حساسيت سرمايه‌گذاري ـ جريان‌هاي نقدي با سطح مخارج سرمايه‌اي مي باشد. نتايج حاصله حاكي از آن است كه حساسيت سرمايه‌گذاري جريان‌هاي نقدي با ميزان مخارج سرمايه، داراي رابطه‌اي معني‌دار و مثبت مي‌باشد. همچنين با استفاده از چندين معيار (نسبت سود تقسيمي، اندازه شركت و شاخص KZ) بعنوان شاخصي براي محدوديت‌هاي مالي، مشاهده شد كه حساسيت سرمايه‌گذاري ـ جريان نقدي با شاخص‌هاي اندازه شركت و نسبت سود تقسيمي داراي ارتباط مثبت و با شاخص KZ داراي رابطه منفي مي باشد.

The goal of this paper is to study of Relationship between cash flow sensitivity of investment with capital expenditure..the sample has been divided into two parts, over investment and under investment companies with using measure of investment mean and shown that the cash flow sensitivity of investment in over investment companies is greater than under investment companies .also Positive relationship have been shown between market to book ratio and capital expenditure. Also by using multiple measure (ratio of dividend, size and KZ index) representative of financial constraints, we understand that positive relationship is exist between cash flow sensitivity of investment with dividend ratio and size and negative relationship is exist between cash flow sensitivity of investment and KZ index.