企业财务压力下的投资行为实证研究—以我国制造业上市公司为例

发布时间：2018-12-11 03:45

【摘要】：企业的投资决策向来被视为企业发展的风向标,对企业的结构调整甚至行业转变都会产生深远的影响。而影响企业投资决策的因素是复杂的,如何通过这些复杂的现象抽丝剥茧对企业的投资决策行为进行研究,是当前学术界的重大课题。本文选取我国2009-2013年公开披露的500家制造业上市公司财务报告为依据,通过EViews进行实证检验,初步研究财务压力(Financial Pressure)下的企业投资决策现象,结果表明财务压力对企业投资活动的影响是通过两种传导机制、三种压力形式发生作用的,但三种压力形式的施压效果各不相同。该项研究旨在为我国企业增强财务弹性、减小财务压力,从而做出符合行业特点和企业远期发展的科学投资决策提供有益参考。
[Abstract]:Enterprise investment decision has always been regarded as the vane of enterprise development, which will have a profound influence on the adjustment of enterprise structure and even the change of industry. However, the factors that affect the investment decision-making of enterprises are complex. How to study the investment decision-making behavior of enterprises through these complex phenomena is an important subject in the current academic circles. Based on the financial reports of 500 publicly disclosed manufacturing companies in China from 2009-2013 to 2013, this paper makes an empirical study on the phenomenon of enterprise investment decision-making under the financial pressure of (Financial Pressure) by means of EViews. The results show that the influence of financial pressure on enterprise investment activities is effected by two transmission mechanisms, three forms of pressure, but the three forms of pressure effect are different. The purpose of this study is to provide a useful reference for Chinese enterprises to enhance financial flexibility, reduce financial pressure, and make scientific investment decisions in accordance with the characteristics of the industry and the long-term development of enterprises.
【作者单位】：新疆财经大学会计学院;海南师范大学经济管理学院;
【基金】：国家自然科学基金项目的阶段性成果,批准号71362031 海南省高等学校教育改革一般项目(Hnjg2015-33)资助
【分类号】：F425;F406.7

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