财务柔性对非效率投资影响的实证研究
发布时间：2018-07-26 19:08
【摘要】：自从2008年金融危机全面爆发以来,全球经济环境处于动荡之中。尤其是我国的资本市场还不是很完善,再加上企业竞争日益激烈,国企混合所有制改革,通货膨胀等一系列挑战,我国的企业发展步履维艰。因此,企业投资不足和投资过度都十分常见。投资不足和投资过度统称为非效率投资。非效率投资有很多严重的后果,它会损害利益相关者的利益,资源配置效率会降低,对于企业未来的发展起阻碍作用,甚至影响社会的发展进步。因此,急需针对非效率投资的改善做出研究,找到能制约非效率投资的因素。那么,这时就需要企业未雨绸缪,提前储备财务柔性来应对一系列挑战。目前,我国企业对于财务柔性重视程度不够,且我国针对财务柔性对非效率投资影响的研究起步较晚,相关文献不多。本文期望通过从理论和实证分析的角度研究财务柔性对投资不足和投资过度之间的关系,希望能够对我国企业的未来发展有实际借鉴意义。本文选取2013年-2015年深圳证券交易所和上海证券交易所的主板上市公司为样本。首先利用Richardson模型来度量非效率投资,然后构建模型分别验证财务柔性和投资不足的关系以及财务柔性和投资过度的关系。最后将国内生产总值增长率和赫芬达尔-赫希曼指数作为调节变量纳入考量范围,进一步探讨不同地区经济发展速度和不同行业竞争程度下财务柔性对于非效率投资的影响差异。本文主要得出以下研究结论:(1)我国企业虽然存在投资不足和投资过度的问题,但是整体投资不足和投资过度的程度都在逐年降低,表明我国企业开始意识到非效率投资的问题,在投资时已有所改变,在向效率投资靠拢,这是我国企业注重效率投资的良好开端。(2)企业基本有了运用财务柔性的意识,但是财务柔性普遍较低,超过一半企业的财务柔性小于平均水平。企业在财务柔性方面还有很大的改善空间,而且企业对于财务柔性的重视程度还不够。(3)财务柔性与投资不足呈显著负相关;相对于地区经济发展速度快的企业来说,地区经济发展速度慢的企业的财务柔性对于投资不足的缓解作用更大;相对于行业竞争程度低的企业来说,行业竞争程度高的企业的财务柔性对于投资不足的缓解作用更大。(4)财务柔性与投资过度呈显著正相关;相对于地区经济发展速度慢的企业来说,地区经济发展速度快的企业的财务柔性对于投资过度的加剧作用更大;相对于行业竞争程度低的企业来说,行业竞争程度高的企业的财务柔性对于投资过度的加剧作用更大。
[Abstract]:Since the financial crisis broke out in 2008, the global economic environment is in turmoil. Especially the capital market of our country is not very perfect, coupled with the increasingly fierce competition of enterprises, the state-owned enterprises mixed ownership reform, inflation and a series of challenges, the development of enterprises in our country is very difficult. As a result, underinvestment and overinvestment are common. Insufficient investment and excessive investment are collectively referred to as inefficient investments. Non-efficiency investment has many serious consequences, it will damage the interests of stakeholders, the efficiency of resource allocation will be reduced, which will hinder the future development of enterprises, and even affect the development and progress of society. Therefore, it is urgent to study the improvement of non-efficiency investment and find out the factors that restrict the non-efficiency investment. At this time, enterprises need to prepare ahead of time, reserve financial flexibility in advance to meet a series of challenges. At present, enterprises in our country pay less attention to financial flexibility, and the research on the impact of financial flexibility on inefficient investment starts late, and there are few related documents. This paper hopes to study the relationship between financial flexibility and investment underinvestment and over-investment from the perspective of theoretical and empirical analysis, hoping to be of practical significance for the future development of Chinese enterprises. This paper selects the main board listed companies of Shenzhen Stock Exchange and Shanghai Stock Exchange from 2013 to 2015 as samples. Firstly, the Richardson model is used to measure the inefficient investment, and then the model is constructed to verify the relationship between financial flexibility and insufficient investment and the relationship between financial flexibility and excessive investment. Finally, the growth rate of GDP and the Herfindahl-Hirschmann index are taken into account as adjustment variables. The paper further discusses the influence of financial flexibility on inefficient investment in different regions under different economic development speed and competition degree of different industries. The main conclusions of this paper are as follows: (1) although Chinese enterprises have the problems of underinvestment and overinvestment, the degree of overall underinvestment and overinvestment is decreasing year by year, which indicates that Chinese enterprises are beginning to realize the problem of inefficient investment. It is a good beginning for Chinese enterprises to pay attention to efficiency investment. (2) the enterprises have the consciousness of using financial flexibility, but the financial flexibility is generally low. More than half of the enterprises have less than average financial flexibility. There is still a lot of room for improvement in financial flexibility, and the degree of attention to financial flexibility is not enough. (3) Financial flexibility is negatively correlated with insufficient investment; compared with enterprises with rapid regional economic development, The financial flexibility of enterprises with slow regional economic development has a greater impact on the alleviation of underinvestment; compared with enterprises with low competition in the industry, The financial flexibility of enterprises with high degree of industry competition is more important to alleviate the underinvestment. (4) Financial flexibility is positively correlated with excessive investment, compared with the enterprises with slow economic development in the region, The financial flexibility of the enterprises with rapid regional economic development has a greater effect on the excessive investment, and the financial flexibility of the enterprises with the high degree of industry competition has a greater effect on the excessive investment than the enterprises with low degree of industry competition.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
[Abstract]:Since the financial crisis broke out in 2008, the global economic environment is in turmoil. Especially the capital market of our country is not very perfect, coupled with the increasingly fierce competition of enterprises, the state-owned enterprises mixed ownership reform, inflation and a series of challenges, the development of enterprises in our country is very difficult. As a result, underinvestment and overinvestment are common. Insufficient investment and excessive investment are collectively referred to as inefficient investments. Non-efficiency investment has many serious consequences, it will damage the interests of stakeholders, the efficiency of resource allocation will be reduced, which will hinder the future development of enterprises, and even affect the development and progress of society. Therefore, it is urgent to study the improvement of non-efficiency investment and find out the factors that restrict the non-efficiency investment. At this time, enterprises need to prepare ahead of time, reserve financial flexibility in advance to meet a series of challenges. At present, enterprises in our country pay less attention to financial flexibility, and the research on the impact of financial flexibility on inefficient investment starts late, and there are few related documents. This paper hopes to study the relationship between financial flexibility and investment underinvestment and over-investment from the perspective of theoretical and empirical analysis, hoping to be of practical significance for the future development of Chinese enterprises. This paper selects the main board listed companies of Shenzhen Stock Exchange and Shanghai Stock Exchange from 2013 to 2015 as samples. Firstly, the Richardson model is used to measure the inefficient investment, and then the model is constructed to verify the relationship between financial flexibility and insufficient investment and the relationship between financial flexibility and excessive investment. Finally, the growth rate of GDP and the Herfindahl-Hirschmann index are taken into account as adjustment variables. The paper further discusses the influence of financial flexibility on inefficient investment in different regions under different economic development speed and competition degree of different industries. The main conclusions of this paper are as follows: (1) although Chinese enterprises have the problems of underinvestment and overinvestment, the degree of overall underinvestment and overinvestment is decreasing year by year, which indicates that Chinese enterprises are beginning to realize the problem of inefficient investment. It is a good beginning for Chinese enterprises to pay attention to efficiency investment. (2) the enterprises have the consciousness of using financial flexibility, but the financial flexibility is generally low. More than half of the enterprises have less than average financial flexibility. There is still a lot of room for improvement in financial flexibility, and the degree of attention to financial flexibility is not enough. (3) Financial flexibility is negatively correlated with insufficient investment; compared with enterprises with rapid regional economic development, The financial flexibility of enterprises with slow regional economic development has a greater impact on the alleviation of underinvestment; compared with enterprises with low competition in the industry, The financial flexibility of enterprises with high degree of industry competition is more important to alleviate the underinvestment. (4) Financial flexibility is positively correlated with excessive investment, compared with the enterprises with slow economic development in the region, The financial flexibility of the enterprises with rapid regional economic development has a greater effect on the excessive investment, and the financial flexibility of the enterprises with the high degree of industry competition has a greater effect on the excessive investment than the enterprises with low degree of industry competition.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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