【摘要】：財務彈性是公司及時調動財務資源以便預防和利用未來不確定性的能力,管理者高度關注企業(yè)的財務彈性,保持財務彈性可以避免因投資不足產生的成本,更重要的是擁有財務彈性的公司在危機中受到的影響較小。財務彈性不僅是一項重要的財務決策,而且是資本結構理論中缺失的重要鏈接�？紤]了財務彈性價值后的優(yōu)序融資理論和權衡理論更能經得起實證數(shù)據(jù)的檢驗。財務彈性作為融資結構重要的影響因素,與企業(yè)投資支出行為密切相關。 論文旨在研究不同財務彈性其公司投資支出行為的差異,實證檢驗財務彈性發(fā)揮的經濟效果。首先,本文闡述了與財務彈性和投資支出相關的理論,并就財務彈性的獲取方式和測度方法進行了歸納,提出本文財務彈性的測度方法,即現(xiàn)金持有量和財務杠桿的多指標結合法。然后分別對財務彈性和投資支出進行行業(yè)及時序特征分析。 論文的核心是,運用中國上市公司數(shù)據(jù)實證檢驗了財務彈性對投資支出的影響,并進一步探討金融危機下財務彈性對投資支出的影響。實證結果表明,企業(yè)的財務彈性與投資支出成正相關關系。投資支出對現(xiàn)金彈性的依賴較小,對負債融資彈性依賴較大。與正常經營時期相比,危機時期下財務彈性對投資支出的影響更顯著。在危機時期,公司傾向于使用負債融資彈性進行融資,促進投資支出。 本文研究表明財務彈性也是我國企業(yè)投融資決策的一個重要因素,特別是在危機時期企業(yè)儲備財務彈性對投資支出有重要意義。
[Abstract]:Financial flexibility is the ability of a company to mobilize financial resources in a timely manner in order to prevent and take advantage of uncertainty in the future. Managers pay close attention to the financial flexibility of the enterprise, and maintaining financial flexibility can avoid the costs caused by insufficient investment. More importantly, companies with financial flexibility have been less affected by the crisis. Financial flexibility is not only an important financial decision, but also an important link missing in capital structure theory. After considering the value of financial elasticity, the optimal order financing theory and tradeoff theory can stand the test of empirical data. As an important influencing factor of financing structure, financial elasticity is closely related to the behavior of investment and expenditure of enterprises. The purpose of this paper is to study the differences of investment expenditure behavior among different financial elasticity, and to empirically test the economic effect of financial elasticity. First of all, this paper expounds the theory related to financial elasticity and investment expenditure, and sums up the acquisition method and measurement method of financial elasticity, and puts forward the measurement method of financial elasticity in this paper. That is, the multi-index combination method of cash holding and financial leverage. Then the financial elasticity and investment expenditure are analyzed in time order. The core of this paper is to test the influence of financial elasticity on investment expenditure by using the data of listed companies in China, and to further explore the influence of financial elasticity on investment expenditure under the financial crisis. The empirical results show that the financial elasticity of enterprises is positively correlated with investment expenditure. Investment expenditure depends less on cash elasticity and on debt financing elasticity. Compared with the normal operating period, the financial elasticity has a more significant impact on investment expenditure during the crisis period. In times of crisis, companies tend to use debt financing flexibility to finance and promote investment spending. This paper shows that financial flexibility is also an important factor in the investment and financing decision of Chinese enterprises, especially in the crisis period, the financial elasticity of enterprise reserves is of great significance to investment expenditure.
【學位授予單位】：中南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.48

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