我国上市公司财务柔性与企业价值研究

发布时间：2018-03-30 11:02

本文选题：财务柔性　切入点：企业价值　出处：《江苏大学》2017年硕士论文

【摘要】：毫无疑问,随着经济全球化浪潮持续推进,世界各国形成了一个相互联系,相互依存的经济体。全球经济链条日益紧密,企业的对外贸易和资本流动等活动或多或少都会受到全球经济波动的影响,企业外部环境的变化已经成为无法回避的发展因素。“穷则变、变则通、通则达”,财务柔性就是应变通而产生的。近年来,有关财务柔性的研究已经成为财务管理领域理论界和实务界高度关注的方向。尽管学术界一再强调财务柔性的重要性,事实上,企业由于缺乏财务柔性而破产的案例比比皆是。四川成都腾中重工因“华通系”资金占用无法抽出而致使企业资金链断裂;浙江温州腾旭工业园因财务上巨大的资金链危机而破产……诸多破产事件都表明财务柔性的缺乏会使企业价值遭受重大损失。因此,本文对财务柔性与企业价值之间的关系进行研究,并探索财务柔性与企业价值间关系的影响因素,希望本研究能够更好地引导企业根据其发展目标和战略规划储备财务柔性,进而利用财务柔性最终提升企业的价值。本文内容主要包括五章:第一章是绪论,介绍财务柔性与企业价值的研究背景及研究目的,指出研究财务柔性与企业价值之间关系的必要性,并阐述本文的研究内容及研究技术路线图;第二章是相关理论基础和文献回顾,主要介绍与本文研究问题相关的理论基础、核心概念以及国内外文献回顾;第三章是研究假设与模型构建,首先在前文理论分析的基础上确定研究框架,提出假设,其次进行变量设计,样本选择和模型构建;第四章是上市公司财务柔性与企业价值的实证研究,主要通过描述性统计分析、相关性分析和多元回归分析等实证分析方法验证前文假设;第五章是研究结论、建议与未来展望,根据实证结果提炼结论、提出建议以及对未来的展望。本文以我国上市公司财务数据为对象研究财务柔性与企业价值之间的关系,研究发现:(1)我国上市公司储备的财务柔性仍存在可提升的空间;(2)我国上市公司储备的财务柔性能够提升企业价值;(3)我国上市公司储备的财务柔性可以增加基于非研发投入的企业投资,企业储备的财务柔性可以通过增加基于非研发投入的企业投资进而增加企业的短期经营绩效;(4)上市公司财务柔性能够通过促进基于研发投入的企业投资进而提升企业价值;(5)上市公司财务柔性能够通过提高企业的市场占有率进而提升企业价值。本文研究了相关影响因素对财务柔性与企业价值之间关系的影响,对实证结果进行相关解释并提出政策建议,以期为我国上市公司优化企业财务柔性,进而为提升企业价值提供相关借鉴。
[Abstract]:There is no doubt that as the tide of economic globalization continues to advance, the countries of the world have formed an interconnected and interdependent economy. The global economic chain is becoming ever closer. Activities such as foreign trade and capital flows of enterprises are more or less affected by global economic fluctuations, and changes in the external environment of enterprises have become an unavoidable development factor. In recent years, the research on financial flexibility has become a highly concerned direction in the field of financial management theory and practice. Although the academic circles have repeatedly stressed the importance of financial flexibility, In fact, due to the lack of financial flexibility enterprises bankruptcy cases abound. Sichuan Tengzhong heavy Industry due to "Huatong Department" funds can not be drawn out of the enterprise capital chain break; The Zhejiang Tengxu Industrial Park went bankrupt because of the huge financial crisis of the financial chain. Many bankruptcy incidents have shown that the lack of financial flexibility can cause great losses to the enterprise's value. In this paper, the relationship between financial flexibility and enterprise value is studied, and the influencing factors between financial flexibility and enterprise value are explored. It is hoped that this study can better guide enterprises to develop and plan reserve financial flexibility according to their development objectives and strategic planning. The content of this paper mainly includes five chapters: the first chapter is the introduction, which introduces the research background and purpose of financial flexibility and enterprise value. The necessity of studying the relationship between financial flexibility and enterprise value is pointed out, and the research content and technical roadmap of this paper are expounded. Chapter two is the theoretical basis and literature review, which mainly introduces the theoretical basis related to the research of this paper. The third chapter is the research hypothesis and model construction. Firstly, the research framework is determined based on the previous theoretical analysis, the hypothesis is put forward, and the variable design, sample selection and model construction are carried out. The fourth chapter is the empirical research on financial flexibility and enterprise value of listed companies, mainly through descriptive statistical analysis, correlation analysis and multiple regression analysis to verify the previous hypothesis. Suggestions and future prospects, according to empirical results extract conclusions, recommendations and prospects for the future. This paper studies the relationship between financial flexibility and enterprise value based on the financial data of listed companies in China. The study found that there is still room for improvement in the financial flexibility of China's listed companies' reserves. (2) the financial flexibility of Chinese listed companies' reserves can enhance the value of enterprises. 3) the financial flexibility of Chinese listed companies' reserves can increase the financial flexibility based on non-listed companies. Enterprise investment in R & D, The financial flexibility of the enterprise reserve can be enhanced by increasing the investment based on non-R & D investment and thus increasing the short-term operating performance of the enterprise.) the financial flexibility of the listed company can be enhanced by promoting the investment based on R & D input. Financial flexibility of listed companies can enhance the value of enterprises by increasing their market share. In this paper, the influence of related factors on the relationship between financial flexibility and enterprise value is studied. The empirical results are explained and some policy suggestions are put forward in order to optimize the financial flexibility of listed companies in China, and then to provide relevant reference for the promotion of enterprise value.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

【参考文献】