中國政府在加入WTO後，積極落實金融改革，以改善中國大陸特殊資本環境的情形和資金配置效率不佳的情形。本研究考量中國政府加入WTO的金融改革措施，先探討金融改革前後，私有化國營企業(SOEs)和民營企業(ERFs)投資與現金流量敏感度的差異及變化情形。更進一步針對國有銀行改革和外資銀行設立，來分別探討是否對私有化國營企業(SOEs)和民營企業(ERFs)的投資與現金流量敏感度的變化產生影響，以了解加入WTO所推動的金融改革措施是否對於改善資本市場有成效。實證結果發現，金融改革前，私有化國營企業(SOEs)與民營企業(ERFs)的投資與現金流量敏感度的差異主要受到是否擁有國家股權作擔保借款和政府政策所影響；再者，金融改革後，私有化國營企業(SOEs)和民營企業(ERFs)投資與現金流量敏感度皆有顯著的提高和降低，顯示金融改革使資本市場效率提高；最後，針對金融改革內容中的國有銀行改革和外資銀行設立，發現這些改革項目確實影響私有化國營企業(SOEs)和民營企業(ERFs)的現金流量敏感度。

This paper analyzes the effects of the financial reforms and the characteristics of ownership in mainland China on investment-cash flow sensitivity. In order to improve efficiency of capital market, China began to implement financial reforms since it has been a member of WTO in 2001 because it tends to transform its economy into one which is more market-based. Upon accession, foreign financial institutions have been permitted to provide services and to invest in the state-owned banks in China. Thus, we explore the differences of investment-cash flow sensitivities between entrepreneurial private firms (ERFs) and state-owned enterprises (SOEs) during and after the four-year period of financial reforms. Furthermore how the openness of China’s banking industry affects the investment-cash flow sensitivities of SOEs and ERFs is examined.
The results show that investment-cash flow sensitivity of SOEs is smaller than that of ERFs during the period of financial reforms because of the involvement of Chinese government. Moreover, differences exist between SOEs and ERFs after the financial reforms, implying the improvement of efficiency of capital market. Finally, we find the entries of foreign capital, including investment in state-owned banks and foreign-funded banks, have effects on investment-cash flow sensitivities of SOEs and ERFs.

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