财务弹性与企业投资的关系研究  

Financial Flexibility and Corporate Investment

作　　者：顾乃康[1] 万小勇[1] 陈辉[2] 

机构地区：[1]中山大学管理学院,广州510275 [2]广东金融学院金融系,广州510521

出　　处：《管理评论》2011年第6期115-121,共7页Management Review

基　　金：国家自然科学基金项目(70772079);国家自然科学基金青年项目(71002056);教育部人文社会科学规划基金项目(07JA630023)

摘　　要：基于现金持有量的视角,在采用中位数法、拟合值法、三分位数法等三种方法对财务弹性作出界定的基础上,考察了财务弹性与企业投资之间的关系。结果表明,通过持续持有足够现金而保持财务弹性的企业,其投资水平会显著提高。并对企业持续持有较多现金是否是因为面临融资约束或公司治理不佳所致作出了检验,实证结果进一步支持持续储备较多现金是企业秉持财务弹性策略的结果。研究结果意味着财务弹性也是影响我国企业投融资决策的一个重要因素。The paper explores the relationship between financial flexibility based on cash holdings and investment by the definition of financial flexibility based on cash holding by using median-method,the fitted-value-method and the tierce-method.It shows that the firm＇s investment will increase significantly when the firm keeps on reserve sufficient cash to maintain financial flexibility before.Furthermore,the paper also tests the hypothesis that the sustainable high level of cash holding is the result of financial constraint or agency problem.The Empirical result supports the hypothesis of financial flexibility.Study results illustrate that financial flexibility is also an important determinant on the investment and financing decision of Chinese Enterprises.

关 键 词：财务弹性 现金持有量 企业投资 

分 类 号：F275[经济管理—企业管理]