Finally, the reason for investment-cash flow sensitivity and the influence of large shareholders on investment-cash flow sensitivity is more likely to be overinvestment hypotheses.

• 实证表明“过度投资”是中国上市公司投资的典型表现,这不仅符合“自由现金流假说”的推断,而且可以用“信息不对称理论”中“融资约束”相反的“融资便利”来加以解释。