本文選題：生命周期　切入點：財務柔性　出處：《廣東外語外貿大學》2017年碩士論文　論文類型：學位論文

【摘要】：宏觀經(jīng)濟環(huán)境具有的一個明顯特征就是充滿了不確定性,企業(yè)經(jīng)營無一能避免面臨外部環(huán)境的不確定性,外部環(huán)境的不確定性會影響到企業(yè)的經(jīng)營,對公司的經(jīng)營決策、投資決策等產(chǎn)生重要影響。財務柔性被認為是能夠協(xié)助企業(yè)更好地處理經(jīng)營過程中面臨不確定性的一種能力。財務柔性是指企業(yè)所具有的調整企業(yè)現(xiàn)金及現(xiàn)金流時間分布的能力以應對企業(yè)不確定性,使得企業(yè)應對未來遇到的不利沖擊或有利投資機會。財務柔性的儲備究竟會對公司績效產(chǎn)生怎樣的影響目前已有研究尚未得出一致結論,有研究指出由于財務柔性具有的利用效應、預防及應對效應,財務柔性對公司績效產(chǎn)生積極的影響;也有研究指出財務柔性不僅對公司績效會產(chǎn)生積極影響,而且財務柔性水平過高會導致代理成本的嚴重化,從而財務柔性對公司績效的影響具有區(qū)間效應。而本文認為處在不同生命周期的企業(yè),其經(jīng)營行為有其獨特性,在研究財務柔性對公司績效影響時很有必要結合企業(yè)所處生命周期的特殊性進行具體、細化的分析。因而本文從企業(yè)不同生命周期的視角出發(fā)探究財務柔性對公司績效的影響是否存在生命周期特征。本文研究在不同生命周期中財務柔性對公司績效的影響,首先梳理了財務柔性、財務柔性與公司績效的關系以及生命周期理論的有關文獻。繼而以2010-2015年持續(xù)存在的A股上市公司為研究樣本,采用三種常用的生命周期劃分方法并相互匹配確定樣本公司所處的生命周期,實證檢驗了處在不同生命周期分組的企業(yè),其財務柔性的特點及其財務柔性與公司績效的關系。實證結果表明成熟期公司的財務柔性水平顯著高于成長期和衰退期,但成長期公司的財務柔性與衰退期公司的財務柔性差異不顯著。另外,財務柔性對公司績效的影響會因公司所處的生命周期不同而產(chǎn)生差異。實證結果顯示成長期公司的公司績效隨財務柔性的提高而提高;成熟期公司的財務柔性對公司績效的影響具有區(qū)間效應,即在一定的財務柔性水平范圍內,公司績效隨財務柔性的提高而提高,財務柔性水平超出臨界值時公司績效隨財務柔性的提高而下降;而衰退階段企業(yè)的財務柔性對公司績效不產(chǎn)生顯著影響。
[Abstract]:One of the obvious characteristics of the macroeconomic environment is full of uncertainty. None of the enterprises can avoid facing the uncertainty of the external environment. The uncertainty of the external environment will affect the management of the enterprise and the management decision of the company. Financial flexibility is considered to be a kind of ability that can help enterprises to deal with the uncertainty in the course of operation better. Financial flexibility refers to the adjustment of cash and cash flow of enterprises. The ability to distribute time to deal with enterprise uncertainty, So that enterprises can cope with adverse impacts or favorable investment opportunities in the future. At present, there has not been a consistent conclusion on how the financial flexibility of reserves will have an impact on corporate performance. Some studies have pointed out that financial flexibility has a positive impact on corporate performance due to the utilization effect, prevention and response effect of financial flexibility, and that financial flexibility not only has a positive impact on corporate performance, but also has a positive impact on corporate performance. Moreover, the high level of financial flexibility will lead to the agent- cost becoming more serious, so the influence of financial flexibility on corporate performance has an interval effect. However, this paper holds that enterprises in different life cycles have their own unique management behavior. When studying the impact of financial flexibility on corporate performance, it is necessary to combine the particularity of the enterprise's life cycle. Therefore, this paper explores whether the influence of financial flexibility on corporate performance has the characteristics of life cycle from the perspective of different life cycles of enterprises. This paper studies the impact of financial flexibility on corporate performance in different life cycles. Firstly, the paper combs the literature on financial flexibility, the relationship between financial flexibility and corporate performance, and the life cycle theory. Using three commonly used life cycle partitioning methods and matching each other to determine the life cycle of the sample companies, the empirical test of enterprises in different life cycle groups, The empirical results show that the level of financial flexibility of mature companies is significantly higher than that of growth and decline periods. However, there is no significant difference between the financial flexibility of growth companies and that of declining companies. The effect of financial flexibility on corporate performance varies with the life cycle of the company. The empirical results show that the corporate performance of growing companies increases with the increase of financial flexibility. The influence of financial flexibility on corporate performance in mature period has an interval effect, that is, in a certain range of financial flexibility, corporate performance increases with the improvement of financial flexibility. When the level of financial flexibility exceeds the critical value, the corporate performance decreases with the increase of financial flexibility, but in the recession stage, the financial flexibility has no significant effect on corporate performance.
【學位授予單位】：廣東外語外貿大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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