Empirical Study on Influence Factors of the Investment Cash-flow of Chinese SMEs

摘要

Based on the theoretical analysis of influence factors of cash-outflow from direct investment and cash-outflow from indirect investment,this paper carries out empirical study on the investment behavior of SMEs with the help of Two-Stage Least Square method.The result shows,(1) the direct investment is larger than indirect investment;(2) Size of assets,operational cash flow and the profitability of the company are beneficial to the investment;(3) The growth opportunity has a positive effect on the direct investment and negative effect on the indirect investment.