高新技术企业财务柔性与财务风险关系研究——来自我国上市公司的经验证据  

Study on Relationship between Financial Flexibility and Financial Risk in High-tech Enterprises——Evidence from Chinese Listed Companies

作　　者：周凝[1] 梁莱歆[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《南京财经大学学报》2010年第4期66-72,共7页Journal of Nanjing University of Finance and Economics

基　　金：国家自然科学基金(批准号:70672105)

摘　　要：本文以变化的环境及不确定性为背景,结合高新技术企业技术创新特点,从财务活动内容出发,探讨了高新技术企业财务柔性构成以及财务柔性与财务风险的相关关系,并以2007—2009年深市高新技术企业上市公司为对象,利用多元曲线回归模型进行了实证分析。结果表明,融资柔性、投资柔性与经营柔性均能显著降低财务风险,其中投资创新柔性对财务风险降低的正向影响存在滞后效应。This paper discusses the relationship between financial flexibility and financial risk in High-tech enterprises from the perspective of financial activities and technology innovation under the background of changing environment and uncertainty. We take high-tech enterprises listed companies in Shenzhen stock market during the year of 2007-2009 as the research objects and examine the relationship between financial flexibility and financial risk by using a multiple curvilinear regression model. The results show that financing flexibility and investment flexibility as well as operate flexibility can significantly reduce the financial risk. Investment innovation flexibilitv has a lag positive impact on financial risk reduction.

关 键 词：高新技术企业 财务柔性 财务风险 技术创新 

分 类 号：F275[经济管理—企业管理]