财务弹性对投资支出的影响研究

发布时间：2019-05-18 22:18

【摘要】：财务弹性是公司及时调动财务资源以便预防和利用未来不确定性的能力,管理者高度关注企业的财务弹性,保持财务弹性可以避免因投资不足产生的成本,更重要的是拥有财务弹性的公司在危机中受到的影响较小。财务弹性不仅是一项重要的财务决策,而且是资本结构理论中缺失的重要链接。考虑了财务弹性价值后的优序融资理论和权衡理论更能经得起实证数据的检验。财务弹性作为融资结构重要的影响因素,与企业投资支出行为密切相关。论文旨在研究不同财务弹性其公司投资支出行为的差异,实证检验财务弹性发挥的经济效果。首先,本文阐述了与财务弹性和投资支出相关的理论,并就财务弹性的获取方式和测度方法进行了归纳,提出本文财务弹性的测度方法,即现金持有量和财务杠杆的多指标结合法。然后分别对财务弹性和投资支出进行行业及时序特征分析。论文的核心是,运用中国上市公司数据实证检验了财务弹性对投资支出的影响,并进一步探讨金融危机下财务弹性对投资支出的影响。实证结果表明,企业的财务弹性与投资支出成正相关关系。投资支出对现金弹性的依赖较小,对负债融资弹性依赖较大。与正常经营时期相比,危机时期下财务弹性对投资支出的影响更显著。在危机时期,公司倾向于使用负债融资弹性进行融资,促进投资支出。本文研究表明财务弹性也是我国企业投融资决策的一个重要因素,特别是在危机时期企业储备财务弹性对投资支出有重要意义。
[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.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.48

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