上市公司财务柔性与公司价值相关性研究

发布时间：2018-02-10 03:56

本文关键词： 财务柔性公司价值环境不确定性产权性质　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：世界经济迅猛发展,我国又正处在经济转型的关键时期,快速发展的经济形势使公司的经营环境面临着越来越大的不确定性,也为公司的财务管理工作带来更多的挑战。尤其是在2008年爆发全球金融危机后,许多公司最终因资金链断裂未能在危机中幸免,财务柔性逐渐引起了越来越多的公司管理层和学者的关注。公司为应对日益严峻的经济形势,就需要改变经营管理理念,实现从“刚性”到“柔性”的思维转变,以便提高自身抵抗风险、把握非预期的投资机会的能力。公司储备一定的财务柔性,无论是对缓解不利冲击还是对提升公司价值都具有积极的作用。然而,国内对财务柔性的相关研究起步较晚,研究尚不深入,还存在较大的空间值得我们进行进一步探索。本文以2011-2015年我国沪深A股上市公司的共7517个财务数据为研究样本,实证检验了财务柔性与公司价值之间的相关关系,并考察了环境不确定性因素和产权性质因素对二者关系的影响。本文首先对国内外相关文献进行了系统地梳理,回顾并分析了相关理论,在综合分析了财务柔性对公司价值的作用机理的基础上,进而提出本文的研究假设,最后运用多元回归的方法对财务柔性与公司价值的关系进行了实证检验。实证结果表明:1)我国上市公司目前的财务柔性水平普遍偏低,国有上市公司的财务柔性水平更低;2)公司储备财务柔性有利于提升其公司价值,但随着财务柔性的不断增大,由管理者的自利行为而产生的代理效应会在一定程度上削弱财务柔性对公司价值的提升作用,二者呈现出倒U型关系;3)公司所处环境不确定性越大时,其储备的财务柔性对公司价值的提升效果越明显;4)与国有上市公司相比,非国有上市公司储备财务柔性对公司价值的提升作用更大,且当财务柔性水平不断提高时,国有上市公司比非国有上市公司产生更为显著的代理效应。基于研究结论,本文建议我国企业要适量储备财务柔性,并强化公司治理水平以确保其对财务柔性的积极作用得到有效发挥,企业还应当关注自身竞争能力的提高,妥善应对日益增大的不确定性。同时,政府及相关部门应加快发展资本市场,拓宽企业的融资渠道,从根本上降低企业的融资成本。
[Abstract]:With the rapid development of the world economy and the critical period of economic transformation in China, the rapid development of the economy makes the business environment of the company face more and more uncertainty. It also poses more challenges to the financial management of companies, especially after the global financial crisis broke out in 2008, and many companies eventually failed to survive the financial crisis due to a break in the financial chain. In order to cope with the increasingly severe economic situation, the company needs to change its management concept and realize the change of thinking from "rigidity" to "flexibility". In order to improve their ability to resist risks and grasp unexpected investment opportunities. The company reserves a certain amount of financial flexibility, both to mitigate adverse impacts and to enhance the value of the company has a positive effect. Domestic research on financial flexibility started relatively late, the research is not deep, and there is still much room for us to further explore. This paper takes a total of 7517 financial data of Shanghai and Shenzhen A-share listed companies in China from 2011-2015 as the research sample. This paper empirically examines the correlation between financial flexibility and corporate value, and examines the influence of environmental uncertainty and property right on the relationship. Firstly, this paper systematically combs the relevant literature at home and abroad. This paper reviews and analyzes the relevant theories, on the basis of synthetically analyzing the function mechanism of financial flexibility to the company value, and then puts forward the research hypotheses of this paper. Finally, the relationship between financial flexibility and corporate value is tested by using the method of multiple regression. The empirical results show that the current level of financial flexibility of listed companies in China is generally low. The level of financial flexibility of state-owned listed companies is even lower. (2) the reserve financial flexibility of state-owned listed companies is conducive to enhancing the value of their companies, but with the increasing of financial flexibility, The agency effect caused by the self-interest behavior of managers will weaken the role of financial flexibility to enhance the value of the company to a certain extent. Compared with the state-owned listed companies, the financial flexibility of the non-state-owned listed companies has a greater effect on the promotion of corporate value, and when the level of financial flexibility continues to improve, The agency effect of state-owned listed companies is more significant than that of non-state-owned listed companies. Based on the conclusion of the research, this paper suggests that Chinese enterprises should reserve adequate amount of financial flexibility. And strengthen the level of corporate governance to ensure that its positive role in financial flexibility is effectively brought into play, enterprises should also pay attention to the improvement of their own competitiveness, properly deal with the increasing uncertainty, at the same time, The government and related departments should speed up the development of capital market, broaden the financing channels of enterprises, and fundamentally reduce the financing costs of enterprises.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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