财务弹性对企业绩效影响的研究

发布时间：2019-01-27 19:06

【摘要】：由于企业面临的环境不确定性日益增强及资本市场不完善导致存在外部融资约束,企业在财务政策选择时必须保持适度的财务弹性,以便抓住不确定环境中随时出现的有利可图的投资机会,或灵活应对不利冲击,更好地实现企业价值最大化目标。因而企业保持一定的财务弹性能够影响对投资机会的把握,并且储备的财务弹性还能影响企业绩效。那么财务弹性是否能够通过影响企业投资行为,进而对企业绩效产生影响呢?研究这个问题有助于理解财务弹性对企业绩效可能的作用机制。本文首先基于不确定性理论、信息不对称理论、信号传递理论和实物期权理论,进行了财务弹性对企业绩效的影响分析、财务弹性对企业投资的影响分析以及企业投资所具有的传导效应分析,并在此基础上提出了本文的研究假设;然后本文选取了2010-2013年沪深两市A股上市公司的相关数据作为研究样本,构建了多元线性回归模型,并通过描述性统计、相关性分析、回归分析和中介效应的检验,对研究假设进行了实证分析;最后,本文基于实证分析和研究结论,提出了相关的政策建议。本文研究发现:第一,财务弹性与企业绩效存在正相关关系,即保持一定的财务弹性有利于提升企业绩效,说明企业储备的财务弹性是有价值的;第二,财务弹性与企业投资存在正相关关系,即保持一定的财务弹性能够促进企业的投资支出,说明储备一定的财务弹性能够帮助企业抓住未来更多的投资机会;第三,企业投资在财务弹性对企业绩效的影响过程中存在部分中介效应。本文的研究很好地证明了储备一定的财务弹性能够帮助企业抓住更多有价值的投资机会,从而提高企业绩效,为财务弹性对企业绩效的影响探索出一条可能的作用路径。
[Abstract]:Due to the increasing uncertainty of the environment and the imperfect capital market, the enterprises must maintain moderate financial flexibility in the choice of financial policy. In order to seize the uncertain environment at any time in the profitable investment opportunities, or flexible to cope with adverse shocks, better achieve the goal of maximizing the value of enterprises. Therefore, the financial flexibility of enterprises can affect the grasp of investment opportunities, and the financial flexibility of reserves can also affect the performance of enterprises. So can financial elasticity influence enterprise performance by influencing enterprise investment behavior? Studying this problem is helpful to understand the possible mechanism of financial elasticity on firm performance. Firstly, based on uncertainty theory, information asymmetry theory, signal transfer theory and real option theory, this paper analyzes the influence of financial elasticity on firm performance. On the basis of the analysis of the influence of financial elasticity on enterprise investment and the conduction effect of enterprise investment, the research hypotheses of this paper are put forward. Then this paper selects the relevant data of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2013 as the research sample, and constructs a multivariate linear regression model, and through descriptive statistics, correlation analysis, regression analysis and the test of intermediary effect. An empirical analysis of the research hypotheses is carried out. Finally, based on empirical analysis and research conclusions, this paper puts forward relevant policy recommendations. This paper finds that: first, there is a positive correlation between financial elasticity and enterprise performance, that is to say, maintaining certain financial elasticity is conducive to improving enterprise performance, indicating that the financial flexibility of enterprise reserves is valuable; Second, there is a positive correlation between financial elasticity and enterprise investment, that is, maintaining certain financial elasticity can promote the investment expenditure of enterprises, which shows that a certain financial flexibility of reserves can help enterprises to seize more investment opportunities in the future; Thirdly, there are some intermediary effects in the process of financial elasticity affecting firm performance. The research in this paper proves that a certain financial flexibility of reserve can help enterprises to seize more valuable investment opportunities, thus improve the performance of enterprises, and explore a possible path for the impact of financial elasticity on enterprise performance.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

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