財務(wù)彈性對企業(yè)績效影響的研究
發(fā)布時間：2019-01-27 19:06
【摘要】：由于企業(yè)面臨的環(huán)境不確定性日益增強及資本市場不完善導(dǎo)致存在外部融資約束,企業(yè)在財務(wù)政策選擇時必須保持適度的財務(wù)彈性,以便抓住不確定環(huán)境中隨時出現(xiàn)的有利可圖的投資機會,或靈活應(yīng)對不利沖擊,更好地實現(xiàn)企業(yè)價值最大化目標(biāo)。因而企業(yè)保持一定的財務(wù)彈性能夠影響對投資機會的把握,并且儲備的財務(wù)彈性還能影響企業(yè)績效。那么財務(wù)彈性是否能夠通過影響企業(yè)投資行為,進而對企業(yè)績效產(chǎn)生影響呢?研究這個問題有助于理解財務(wù)彈性對企業(yè)績效可能的作用機制。本文首先基于不確定性理論、信息不對稱理論、信號傳遞理論和實物期權(quán)理論,進行了財務(wù)彈性對企業(yè)績效的影響分析、財務(wù)彈性對企業(yè)投資的影響分析以及企業(yè)投資所具有的傳導(dǎo)效應(yīng)分析,并在此基礎(chǔ)上提出了本文的研究假設(shè);然后本文選取了2010-2013年滬深兩市A股上市公司的相關(guān)數(shù)據(jù)作為研究樣本,構(gòu)建了多元線性回歸模型,并通過描述性統(tǒng)計、相關(guān)性分析、回歸分析和中介效應(yīng)的檢驗,對研究假設(shè)進行了實證分析;最后,本文基于實證分析和研究結(jié)論,提出了相關(guān)的政策建議。本文研究發(fā)現(xiàn):第一,財務(wù)彈性與企業(yè)績效存在正相關(guān)關(guān)系,即保持一定的財務(wù)彈性有利于提升企業(yè)績效,說明企業(yè)儲備的財務(wù)彈性是有價值的;第二,財務(wù)彈性與企業(yè)投資存在正相關(guān)關(guān)系,即保持一定的財務(wù)彈性能夠促進企業(yè)的投資支出,說明儲備一定的財務(wù)彈性能夠幫助企業(yè)抓住未來更多的投資機會;第三,企業(yè)投資在財務(wù)彈性對企業(yè)績效的影響過程中存在部分中介效應(yīng)。本文的研究很好地證明了儲備一定的財務(wù)彈性能夠幫助企業(yè)抓住更多有價值的投資機會,從而提高企業(yè)績效,為財務(wù)彈性對企業(yè)績效的影響探索出一條可能的作用路徑。
[Abstract]:Due to the increasing uncertainty of the environment and the imperfect capital market, the enterprises must maintain moderate financial flexibility in the choice of financial policy. In order to seize the uncertain environment at any time in the profitable investment opportunities, or flexible to cope with adverse shocks, better achieve the goal of maximizing the value of enterprises. Therefore, the financial flexibility of enterprises can affect the grasp of investment opportunities, and the financial flexibility of reserves can also affect the performance of enterprises. So can financial elasticity influence enterprise performance by influencing enterprise investment behavior? Studying this problem is helpful to understand the possible mechanism of financial elasticity on firm performance. Firstly, based on uncertainty theory, information asymmetry theory, signal transfer theory and real option theory, this paper analyzes the influence of financial elasticity on firm performance. On the basis of the analysis of the influence of financial elasticity on enterprise investment and the conduction effect of enterprise investment, the research hypotheses of this paper are put forward. Then this paper selects the relevant data of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2013 as the research sample, and constructs a multivariate linear regression model, and through descriptive statistics, correlation analysis, regression analysis and the test of intermediary effect. An empirical analysis of the research hypotheses is carried out. Finally, based on empirical analysis and research conclusions, this paper puts forward relevant policy recommendations. This paper finds that: first, there is a positive correlation between financial elasticity and enterprise performance, that is to say, maintaining certain financial elasticity is conducive to improving enterprise performance, indicating that the financial flexibility of enterprise reserves is valuable; Second, there is a positive correlation between financial elasticity and enterprise investment, that is, maintaining certain financial elasticity can promote the investment expenditure of enterprises, which shows that a certain financial flexibility of reserves can help enterprises to seize more investment opportunities in the future; Thirdly, there are some intermediary effects in the process of financial elasticity affecting firm performance. The research in this paper proves that a certain financial flexibility of reserve can help enterprises to seize more valuable investment opportunities, thus improve the performance of enterprises, and explore a possible path for the impact of financial elasticity on enterprise performance.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F275
本文編號：2416591
[Abstract]:Due to the increasing uncertainty of the environment and the imperfect capital market, the enterprises must maintain moderate financial flexibility in the choice of financial policy. In order to seize the uncertain environment at any time in the profitable investment opportunities, or flexible to cope with adverse shocks, better achieve the goal of maximizing the value of enterprises. Therefore, the financial flexibility of enterprises can affect the grasp of investment opportunities, and the financial flexibility of reserves can also affect the performance of enterprises. So can financial elasticity influence enterprise performance by influencing enterprise investment behavior? Studying this problem is helpful to understand the possible mechanism of financial elasticity on firm performance. Firstly, based on uncertainty theory, information asymmetry theory, signal transfer theory and real option theory, this paper analyzes the influence of financial elasticity on firm performance. On the basis of the analysis of the influence of financial elasticity on enterprise investment and the conduction effect of enterprise investment, the research hypotheses of this paper are put forward. Then this paper selects the relevant data of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2013 as the research sample, and constructs a multivariate linear regression model, and through descriptive statistics, correlation analysis, regression analysis and the test of intermediary effect. An empirical analysis of the research hypotheses is carried out. Finally, based on empirical analysis and research conclusions, this paper puts forward relevant policy recommendations. This paper finds that: first, there is a positive correlation between financial elasticity and enterprise performance, that is to say, maintaining certain financial elasticity is conducive to improving enterprise performance, indicating that the financial flexibility of enterprise reserves is valuable; Second, there is a positive correlation between financial elasticity and enterprise investment, that is, maintaining certain financial elasticity can promote the investment expenditure of enterprises, which shows that a certain financial flexibility of reserves can help enterprises to seize more investment opportunities in the future; Thirdly, there are some intermediary effects in the process of financial elasticity affecting firm performance. The research in this paper proves that a certain financial flexibility of reserve can help enterprises to seize more valuable investment opportunities, thus improve the performance of enterprises, and explore a possible path for the impact of financial elasticity on enterprise performance.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F275
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