财务弹性对企业投资水平和投资效率的影响.docVIP

财务弹性对企业投资水平和投资效率的影响 陈红兵 连玉君 上海财经大学金融学院 中山大学岭南学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 目前, 关于财务弹性的研究集中在财务弹性对企业现金持有、资本结构选择和股利发放等财务决策的影响方面, 关于财务弹性对企业投资的影响研究尚不充分。本文以中国A上市企业为样本, 基于财务弹性两个主要来源:内部现金和借债, 从企业现金持有和财务杠杆 (表示举债能力) 双重视角, 对财务弹性做出界定。以企业融资成本为切入点, 不仅研究了财务弹性对企业投资水平的影响, 而且研究了财务弹性对不同融资约束企业投资水平影响的差异, 最终考虑到委托代理问题, 将财务弹性对企业投资的影响研究深入到对投资效率的影响。结果表明, 财务弹性能显著提高企业投资水平;财务弹性对融资约束企业投资水平提升尤为显著;由于委托代理问题, 财务弹性企业投资效率显著低于无弹性企业投资效率。该研究为企业建立财务弹性的意义提供了证据, 有助于全面认识财务弹性的价值。 关键词： 财务弹性; 投资; 投资效率; 作者简介：陈红兵 (1966-) , 男, 陕西咸阳人。博士研究生, 研究方向是公司财务。E-mail:chenlj0410@163.com; 作者简介：连玉君 (1978-) , 男, 河南淮阳人。副教授, 博士, 研究领域是公司金融、金融计量。E-mail:lianyj@。 收稿日期：2013-07-18 基金：国家自然科学基金项目“中国上市公司流动性管理行为研究:动机、方式与经济后果” The impact of Financial Flexibility on Investment and Investment Efficiency CHEN Hong-bing LIAN Yu-jun School of Finance, Shanghai University of Finance and Economics; School of Ling Nan, Sun Yat-Sen University; Abstract： Chinese enterprises are facing dramatically changing operational environment with economic opening and progress, technological advancement, and heightened competition. China capital market is not advanced, finance frictions is large, especially to private enterprises or Small and medium- sized firms. To cope with negative shocks, avoid falling into financial crises and seize investment opportunities, firms have to maintain financial flexibility in an uncertain environment in order to maximize the firm value. The value of Financial Flexibility is improved, financial researchers have focused their attention and interest on corporate financial flexibility in the past few years.Existing literature about Financial Flexibility mainly examines the effect of financial flexibility on corporate cash holding, capital structure choices, and dividend payouts. Yet, the effect of financial flexibility on corporate investment is under- studied, especially to china firms. We have not found the research about the effect of Financial