生命周期视角下财务弹性与投资效率关系研究
发布时间：2019-06-05 20:03
【摘要】：投资作为企业重要的财务决策,其效率的高低不仅关系着企业自身经营状况的好坏,甚至会影响整个经济社会资源分配的合理性。随着市场竞争的激烈化,企业对于优化投资行为,提高投资效率表现出了更加迫切的需求。与此同时,越来越多的企业家开始把目光放在了财务弹性上。财务弹性是企业利用闲置资金和未使用的举债能力应对未来环境的不确定性和把握有利投资机会,进而实现企业价值最大化的能力。在企业中,保持适当的财务弹性不仅能促进其自身发展壮大,而且对于优化投资行为,提高投资效率起着关键性作用。企业作为一个有机个体,其发展要经历一定的生命周期阶段。为了实现企业的目标,可以根据生命周期特征采取有效的行动。因此,在投资效率理论的基础上,按照企业不同生命周期阶段,动态地研究了财务弹性与投资效率之间的关系,从而为我国企业优化投资行为,提高投资效率提供参考意见。本文研究的重点在于财务弹性对企业的非效率投资是否具有治理作用,以及这种治理作用是否存在明显的周期性差异。所以,如何科学有效地进行企业生命周期阶段的划分、度量财务弹性和非效率投资就显得尤为重要。选取我国上市的制造业企业为样本。参照Dickinson的做法,利用现金流组合的方法把所有样本企业划分为成长期、成熟期、衰退期三个时期;选取相关财务指标,利用主成分分析法对财务弹性进行计量;在Richardson模型的基础上,选取相关影响因素,构建非效率投资评价模型,对企业的非效率投资程度进行度量。为了进一步说明财务弹性对非效率投资的治理作用具有周期性特征,分生命周期阶段对财务弹性与非效率投资的关系进行了回归分析。通过研究发现:(1)财务弹性对企业的非效率投资具有治理作用,并且财务弹性对投资不足的治理作用更加显著;(2)在成长期,财务弹性与投资不足呈显著的负相关关系,财务弹性能够缓解投资不足现象;(3)在成熟期,财务弹性与投资过度存在正相关关系,但两者之间的相关性不强;(4)在衰退期,财务弹性不能改善企业的非效率投资状况。
[Abstract]:As an important financial decision, the efficiency of investment is not only related to the quality of the enterprise's own management, but also affects the rationality of the allocation of economic and social resources. With the intensification of market competition, enterprises have a more urgent demand for optimizing investment behavior and improving investment efficiency. At the same time, more and more entrepreneurs began to focus on financial flexibility. Financial flexibility is the ability of enterprises to use idle funds and unused borrowing capacity to cope with the uncertainty of the future environment and seize favorable investment opportunities, so as to maximize the value of enterprises. In enterprises, maintaining appropriate financial flexibility can not only promote their own development and growth, but also play a key role in optimizing investment behavior and improving investment efficiency. As an organic individual, the development of enterprises should go through a certain life cycle stage. In order to achieve the goal of the enterprise, effective action can be taken according to the characteristics of the life cycle. Therefore, on the basis of investment efficiency theory, according to different life cycle stages of enterprises, the relationship between financial elasticity and investment efficiency is studied dynamically, so as to provide reference for Chinese enterprises to optimize investment behavior and improve investment efficiency. The focus of this paper is whether financial elasticity plays a governance role in inefficient investment of enterprises, and whether there are obvious periodic differences in this governance role. Therefore, how to scientifically and effectively divide the enterprise life cycle stage, it is particularly important to measure financial flexibility and inefficient investment. Select the listed manufacturing enterprises in China as a sample. According to the practice of Dickinson, all the sample enterprises are divided into three periods: growth period, maturity period and recession period by using the method of cash flow combination, and the financial elasticity is measured by principal component analysis (PCA). On the basis of Richardson model, the related influencing factors are selected, and the evaluation model of inefficient investment is constructed to measure the degree of inefficient investment of enterprises. In order to further explain that the governance effect of financial elasticity on inefficient investment has periodic characteristics, the relationship between financial elasticity and inefficient investment is analyzed by regression analysis in the life cycle stage. Through the research, it is found that: (1) Financial elasticity plays a governance role in the inefficient investment of enterprises, and the financial elasticity plays a more significant role in the governance of insufficient investment; (2) in the growth period, there is a significant negative correlation between financial elasticity and insufficient investment, and financial elasticity can alleviate the phenomenon of underinvestment; (3) in the mature period, there is a positive correlation between financial elasticity and excessive investment, but the correlation between them is not strong; (4) in the recession period, financial elasticity can not improve the inefficient investment situation of enterprises.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425
[Abstract]:As an important financial decision, the efficiency of investment is not only related to the quality of the enterprise's own management, but also affects the rationality of the allocation of economic and social resources. With the intensification of market competition, enterprises have a more urgent demand for optimizing investment behavior and improving investment efficiency. At the same time, more and more entrepreneurs began to focus on financial flexibility. Financial flexibility is the ability of enterprises to use idle funds and unused borrowing capacity to cope with the uncertainty of the future environment and seize favorable investment opportunities, so as to maximize the value of enterprises. In enterprises, maintaining appropriate financial flexibility can not only promote their own development and growth, but also play a key role in optimizing investment behavior and improving investment efficiency. As an organic individual, the development of enterprises should go through a certain life cycle stage. In order to achieve the goal of the enterprise, effective action can be taken according to the characteristics of the life cycle. Therefore, on the basis of investment efficiency theory, according to different life cycle stages of enterprises, the relationship between financial elasticity and investment efficiency is studied dynamically, so as to provide reference for Chinese enterprises to optimize investment behavior and improve investment efficiency. The focus of this paper is whether financial elasticity plays a governance role in inefficient investment of enterprises, and whether there are obvious periodic differences in this governance role. Therefore, how to scientifically and effectively divide the enterprise life cycle stage, it is particularly important to measure financial flexibility and inefficient investment. Select the listed manufacturing enterprises in China as a sample. According to the practice of Dickinson, all the sample enterprises are divided into three periods: growth period, maturity period and recession period by using the method of cash flow combination, and the financial elasticity is measured by principal component analysis (PCA). On the basis of Richardson model, the related influencing factors are selected, and the evaluation model of inefficient investment is constructed to measure the degree of inefficient investment of enterprises. In order to further explain that the governance effect of financial elasticity on inefficient investment has periodic characteristics, the relationship between financial elasticity and inefficient investment is analyzed by regression analysis in the life cycle stage. Through the research, it is found that: (1) Financial elasticity plays a governance role in the inefficient investment of enterprises, and the financial elasticity plays a more significant role in the governance of insufficient investment; (2) in the growth period, there is a significant negative correlation between financial elasticity and insufficient investment, and financial elasticity can alleviate the phenomenon of underinvestment; (3) in the mature period, there is a positive correlation between financial elasticity and excessive investment, but the correlation between them is not strong; (4) in the recession period, financial elasticity can not improve the inefficient investment situation of enterprises.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425
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