上市公司多元化经营对财务柔性及其边际价值的影响研究

发布时间：2018-03-17 03:31

本文选题：多元化经营　切入点：财务柔性　出处：《东北财经大学》2015年硕士论文　论文类型：学位论文

【摘要】：根据2015年7月的《世界经济展望》报告显示,与2014年10月相比,全球经济增长的风险分布更加均衡。尽管不确定石油供给冲击是否会持续,但是油价下跌的确对全球增长产生了较强的促进作用,是上行风险的主要动力。下行风险主要由市场情绪的变化和全球金融市场的波动引起,特别是油价下跌已经导致新兴市场经济体中的石油出口国表现出脆弱性。在欧元区和日本,经济停滞和低通胀仍值得继续关注。可以说,目前影响全球经济演变的力量错纵复杂,整体不确定性较强,难以得出明确的发展趋势。2008年金融危机给全球经济带来了剧烈震荡。统计表明,在该次危机中衰亡的企业大多都有一个共性特征——由于财务上缺乏柔性导致现金流断裂,继而陷入严重的财务困境而无法脱身。相反,在财务上具有充足柔性的企业不仅成功自救,而且能够以较低成本筹集到资金进行有价值的投资,从而提高企业价值。虽然类似于金融危机这样的外生冲击事件能够较好地检验财务柔性的有效性(曾爱民,2011),但是Bancel and Mittoo (2004)、Brounen等人(2004)通过对美国和欧洲企业高管人员进行调查发现,高管们认为在企业资本结构决策中最重要的考虑因素就是财务柔性问题。因此,财务柔性不仅是帮助企业安全渡过危机的“诺亚方舟”,在日常经营中更起着至关重要的作用。美国财务会计准则委员会(FASB,1984)将财务柔性定义为,企业通过调控现金流以应对非预期需求和机会的能力。身处后金融危机时代,企业面临的经济环境越来越表现出不确定性,如果不具备这种能力,则很有可能在下一个经济波动周期中被市场淘汰。近年来,多元化经营作为一种重要的经营行为,在我国上市公司中普遍存在(张纯、高吟,2010),其实施会对企业的方方面面产生影响,也包括财务柔性。因此,如果将多元化经营与企业财务柔性置于同一框下架进行研究,很可能为企业抵御不利冲击、应对环境不确定性提供新的思路。此外,不少实证研究证明,财务柔性储备有助于公司把握有价值的投资机会,进而提升公司价值,那么多元化经营行为是否也会影响财务柔性的价值效应呢?结合以上问题,本文的研究内容主要包含以下六个部分：第一章是绪论。本章主要介绍选题的背景与意义、涉及的相关概念、研究的思路与内容、方法与框架以及可能的创新与不足之处。第二章是文献综述。本章主要对国内外与财务柔性和多元化经营相关的文献进行梳理,评述研究成果,提出本文的研究方向。第三章是理论基础与研究假设。首先,介绍基本理论,包括内部资本市场理论、权衡理论以及产权理论。然后,在这些理论的基础上,分析多元化经营对财务柔性的影响路径。最后,提出研究假设。第四章是研究设计。本章主要介绍研究的数据来源、样本选取、变量定义以及模型设计。第五章是实证分析。本章主要是对观测样本进行描述性统计、相关性分析、多元回归分析以及稳健性检验。第六章是研究结论与政策建议。首先,总结实证研究得出的结论。然后,提出相关政策建议。最后,说明本文的局限性。本文以2011-2014年沪深A股上市公司为研究对象,探讨了多元化经营对财务柔性及其边际价值的影响,研究发现：(1)多元化企业的内部融资优势会影响其财务柔性水平,表现为多元化经营程度越高,企业财务柔性水平越低。(2)产权性质会显著影响多元化经营对财务柔性水平的负向作用,表现为多元化经营程度对财务柔性水平的负向作用在国有企业中会有所减弱。(3)财务柔性存在“折价”效应,但多元化经营能够减少这些因素对财务柔性的干扰,从而缓解这种“折价”效应,不过这种作用在实际中并不明显。本文以多元化经营为切入点,拓展了关于财务柔性领域的研究,并在实证研究中做出了尝试,为企业制定合理的经营决策提出了建议,具有一定的理论和现实意义。本文可能的创新在于,第一,将财务柔性与多元化经营纳入同一框架下进行研究能够从源头上更好地理解财务柔性,具有一定的理论价值。第二,在研究中引入产权性质,丰富了财务柔性的形成路径。第三,将研究拓展到了财务柔性的边际价值,使研究内容更加完整。本文可能的不足之处在于,本文多用静态指标来衡量财务柔性,所应用的数据也均为历史数据,无法反应财务柔性动态、变化的特点。此外,该衡量方法虽然具有广泛的应用性,但不足以反映其他诸多影响因素,例如宏观经济形势、货币政策等。
[Abstract]:According to the July 2015 world economic outlook report < >, compared with October 2014, the risk distribution of global economic growth more balanced. Though not sure whether the oil supply shocks will continue, but the decline in oil prices is indeed on global growth has a strong role in promoting, is the main force for risk. The downside risk is mainly caused by the change in market sentiment and the global financial market volatility, especially the decline in oil prices has led to emerging market economies in oil exporting countries showing vulnerability. In the euro zone and Japan, economic stagnation and low inflation is still worth continued attention. It can be said that the impact of the current global economic development power complex, the overall uncertainty is strong, it is difficult to draw a clear trend of the development of the.2008 financial crisis has brought severe shock to the global economy. Statistics show that the decline in the crisis in most of the enterprises have A common feature: due to lack of flexibility leads to financial cash flow break, and then fall into serious financial difficulties and unable to escape. On the contrary, the financial enterprise not only has sufficient flexibility and self-help, able to lower the cost of raising funds for valuable investment, so as to improve the enterprise value. Although similar to the financial crisis the impact of exogenous events like this can test the validity of financial flexibility (once people, 2011), but the Bancel and Mittoo (2004), Brounen et al. (2004) according to a survey of American and European executives found that executives believe the most important consideration in the decision of capital structure is the financial flexibility therefore, financial flexibility is not only help enterprises through the crisis of "Noah's Ark", it plays a vital role in the daily operations of the financial accounting. Standards Committee (FASB, 1984) the financial flexibility is defined as the ability of the enterprise, through the regulation of cash flow to deal with unexpected needs and opportunities. In the post financial crisis era, enterprises are facing the economic environment to show more and more uncertainty, if you do not have this ability, it is likely in the next cycle of economic fluctuations to be out of the market. In recent years, diversification as an important management behavior exists in Listed Companies in our country (Zhang Chun, song, 2010), the implementation of all aspects of the business impact, including financial flexibility. Therefore, if the diversification and corporate financial flexibility in the same the box under the frame of research, is likely to withstand adverse shocks for the enterprise, to provide new ideas to cope with environmental uncertainty. In addition, many empirical studies have shown that flexible financial reserves will help the company to grasp valuable investment opportunities, In order to enhance the value of the company, then the diversification behavior will influence the value of financial flexibility effects? Combined with the above problems, this study mainly includes the following six parts: the first chapter is the introduction. This chapter mainly introduces the background and significance of the topic, related concepts, ideas and research content, method and framework and the possible innovation and shortage. The second chapter is literature review. This chapter is mainly to sort out the domestic and foreign financial flexibility and diversification of relevant literatures, reviews the research results, put forward the research direction of this paper. The third chapter is the theoretical basis and research hypothesis. First, introduce the basic theory, including the theory of internal capital market balance theory and property rights theory. Then, on the basis of these theories, the analysis of diversification on the effect of financial flexibility path. Finally, put forward the research hypothesis. The fourth chapter is the research Study design. This chapter mainly introduces the research data sources, sample selection, variable definitions and model design. The fifth chapter is the empirical analysis. This chapter is the observation sample descriptive statistics, correlation analysis, multiple regression analysis and robustness test. The sixth chapter is the research conclusion and policy suggestions. First, summarize the empirical analysis conclusion. Then, puts forward relevant policy suggestions. Finally, explains the limitations of this article. In this paper, 2011-2014 years in Shanghai and Shenzhen A shares of listed companies as the research object, discusses the impact of diversification on financial flexibility and the marginal value of the study found that: (1) internal financing advantages of diversified enterprise will affect the financial flexibility and performance the higher the degree of diversification, the level of corporate financial flexibility is low. (2) the nature of property rights will significantly affect the diversification of financial flexibility level of negative effect, manifested as multiple Operation of financial flexibility level negative effect in state-owned enterprises will be weakened. (3) the existence of "flexible financial discount" effect, but diversification can reduce the interference of these factors on financial flexibility, so as to alleviate the "discount" effect, but this effect is not obvious in practice. In this paper, diversification business as a starting point, to expand the research on flexible financial field, and make an attempt in the empirical study, and puts forward some suggestions for the enterprises to make rational business decisions, has certain theoretical and practical significance. The innovation of this article is, first, the financial flexibility and diversification into the research from the source can be better understanding of the financial flexibility is the same framework, has a certain theoretical value. Second, introduce the nature of property rights in the study, enrich the financial flexibility forming path. Third, the extension of Show to the marginal value of financial flexibility, make the research contents more complete. The inadequacies of this article lies in this paper may be, use more static indicators to measure the financial flexibility, the application data are historical data, can not reflect the characteristics of flexible financial dynamic changes. In addition, the measure method is widely used, but not enough to reflect other factors, such as macroeconomic situation and monetary policy.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F276.6

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