德甲买球

张处，博士, 1992年获得芝加哥大学金融学博士学位，目前担任香港科技大学商德甲买球金融讲席教授（Chair Professor），主要研究领域包括资产定价、金融风险、宏观经济政策等。研究成果发表于Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Journal of Monetary Economics, Journal of Banking and Finance 等国际权威期刊。

美国制造企业的公司投资长期以来对销售额具有较高的响应性。与近年来已降至接近零的投资-现金流敏感性不同，投资-销售敏感性在经济上和统计上仍保持较高水平。投资-销售敏感性的发现支持了Q理论解释，而非投资-现金流敏感性的财务约束解释。近年来这两种敏感性的对比揭示了销售额和现金流在有形资产投资中的信息作用差异。这种差异主要由新经济公司对积累组织资本的需求驱动。

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.