Empirical Study on Influence Factors of the Investment Cash-flow: Evidence from Chinese Listed Companies

The paper is mainly about the investment by cash flow. According to investment method, the paper divides the investment into four parts: cash outflows from direct investment, cash inflows from direct investment, cash outflows from indirect investment, cash inflows from indirect investment. The paper uses the four indexes as the proxy variable to describe the expanding and shrinking of the cash flow from investment. What´s more, the authors study the influential factors of Chinese listed companies´ investment by autoregressive distributed lag model. The empirical study shows that the internal and external factors have different roles in the investment decision making. At the same time, the cash flows from investment have inertial character.