生命周期视角下财务柔性对公司绩效的影响研究

发布时间：2018-03-06 19:13

本文选题：生命周期　切入点：财务柔性　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：宏观经济环境具有的一个明显特征就是充满了不确定性,企业经营无一能避免面临外部环境的不确定性,外部环境的不确定性会影响到企业的经营,对公司的经营决策、投资决策等产生重要影响。财务柔性被认为是能够协助企业更好地处理经营过程中面临不确定性的一种能力。财务柔性是指企业所具有的调整企业现金及现金流时间分布的能力以应对企业不确定性,使得企业应对未来遇到的不利冲击或有利投资机会。财务柔性的储备究竟会对公司绩效产生怎样的影响目前已有研究尚未得出一致结论,有研究指出由于财务柔性具有的利用效应、预防及应对效应,财务柔性对公司绩效产生积极的影响;也有研究指出财务柔性不仅对公司绩效会产生积极影响,而且财务柔性水平过高会导致代理成本的严重化,从而财务柔性对公司绩效的影响具有区间效应。而本文认为处在不同生命周期的企业,其经营行为有其独特性,在研究财务柔性对公司绩效影响时很有必要结合企业所处生命周期的特殊性进行具体、细化的分析。因而本文从企业不同生命周期的视角出发探究财务柔性对公司绩效的影响是否存在生命周期特征。本文研究在不同生命周期中财务柔性对公司绩效的影响,首先梳理了财务柔性、财务柔性与公司绩效的关系以及生命周期理论的有关文献。继而以2010-2015年持续存在的A股上市公司为研究样本,采用三种常用的生命周期划分方法并相互匹配确定样本公司所处的生命周期,实证检验了处在不同生命周期分组的企业,其财务柔性的特点及其财务柔性与公司绩效的关系。实证结果表明成熟期公司的财务柔性水平显著高于成长期和衰退期,但成长期公司的财务柔性与衰退期公司的财务柔性差异不显著。另外,财务柔性对公司绩效的影响会因公司所处的生命周期不同而产生差异。实证结果显示成长期公司的公司绩效随财务柔性的提高而提高;成熟期公司的财务柔性对公司绩效的影响具有区间效应,即在一定的财务柔性水平范围内,公司绩效随财务柔性的提高而提高,财务柔性水平超出临界值时公司绩效随财务柔性的提高而下降;而衰退阶段企业的财务柔性对公司绩效不产生显著影响。
[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.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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