基于公司治理视角的财务柔性与企业价值的关系研究

发布时间：2018-06-28 23:40

本文选题：公司治理 + 企业价值　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：随着技术进步和信息化进程的快速发展,互联网+时代的到来,这些都加快了产品的更新换代,从加剧了市场竞争,加剧了环境不确定,而作为经济微观主体的企业如何应对这一不确定性成为了重要的研究课题。而财务柔性的研究也就应运而生,在现有的研究基础上不难发现企业财务柔性的储备与否以及储备数量是企业包括股东、债权人、经营者等相关利益者者基于各自的利益诉求进行博弈的结果,也是法律环境、市场化程度、政府干预等外部治理机制相互作用的结果。有关财务柔性对企业价值的影响已在研究中多次被证明,但有关公司治理视角下财务柔性与企业价值的关系探讨并不多。论文基于公司治理的视角对财务柔性与企业价值之间的关系进行探讨,具体从三个子问题展开:财务柔性与企业价值之间的关系、存在产权本质差异的情况下,财务柔性与企业价值间关系差异性、以及公司治理机制对财务柔性与企业价值关系的影响作用。论文在对公司治理、财务柔性、企业价值等重要概念进行了一定的界定的基础上,以自由现金流量理论、产权理论、委托代理理论、不平衡增长理论作为论文的理论支撑,从理论上对研究问题进行机理分析和假设提出,并选取我国A股上市的制造业行业企业2010—2015的数据作为样本数据进行研究,通过SPSS 21.0和Eviews7.2对公司治理机制视角下财务柔性与企业价值的关系进行了相关性分析、回归分析和稳定性检验。研究结果表明:(1)我国制造业企业的财务柔性与企业价值并非线性关系而是存在一个倒“U”型关系,财务柔性的储备并非越多越好而是存在一个最佳持有量。且相对于国有企业而言,非国有企业的均衡点相对滞后,非国有企业达到均衡点时需要更大的财务柔性储备量。(2)良好的内外部公司治理机制对财务柔性与企业价值的关系影响呈现出“协同效应”。根据研究结论,论文从企业和政府两个角度出发,针对企业如何通过财务柔性的储备有效促进企业价值的提升、政府如何为企业通过财务柔性提升企业价值的途径创造外部治理环境两个问题,提出相关的一些针对性政策建议。
[Abstract]:With the rapid development of technology and information technology, and the arrival of the Internet era, all of these have accelerated the upgrading of products, which has intensified market competition and increased environmental uncertainty. How to deal with this uncertainty has become an important research topic. On the basis of the existing research, it is not difficult to find out whether or not the financial flexibility of the enterprise and the amount of the reserve are included in the enterprise, including shareholders and creditors. It is also the result of the interaction of the external governance mechanism such as the legal environment, the degree of marketization, the government intervention and so on. The influence of financial flexibility on enterprise value has been proved many times in the research, but the relationship between financial flexibility and enterprise value from the perspective of corporate governance is not much discussed. Based on the perspective of corporate governance, this paper discusses the relationship between financial flexibility and enterprise value, and discusses the relationship between financial flexibility and enterprise value from three sub-issues: the relationship between financial flexibility and enterprise value, and the existence of essential differences in property rights. The relationship between financial flexibility and enterprise value is different, and the influence of corporate governance mechanism on the relationship between financial flexibility and enterprise value is also discussed. On the basis of defining some important concepts such as corporate governance, financial flexibility and enterprise value, the paper takes free cash flow theory, property right theory, principal-agent theory, unbalanced growth theory as the theoretical support of the paper. This paper theoretically analyzes the mechanism and hypothesis of the research, and selects the data of the manufacturing enterprises listed in A-share market in China as the sample data. Through SPSS21.0 and Eviews7.2, the relationship between financial flexibility and enterprise value under the perspective of corporate governance mechanism is analyzed, regression analysis and stability test are carried out. The results show that: (1) the relationship between financial flexibility and enterprise value is not linear, but there is an inverted "U" relationship. The reserve of financial flexibility is not the more the better, but the best holding. Compared with state-owned enterprises, the equilibrium point of non-state-owned enterprises lags behind. When the non-state-owned enterprises reach the equilibrium point, they need more financial flexible reserves. (2) good internal and external corporate governance mechanism has a "synergistic effect" on the relationship between financial flexibility and enterprise value. According to the conclusion of the research, this paper aims at how to effectively promote the enterprise value through the financial flexible reserve from the two angles of enterprise and government. How to create external governance environment for enterprises to improve their value through financial flexibility is discussed in this paper, and some relevant policy suggestions are put forward.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425;F271

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