债务保守、投资机会与中国上市公司资本投资  

Debt Conservation,Investment Opportunity and Chinese Listed Companies' Capital Investment

作　　者：蒲文燕[1,2] 张洪辉[3] 肖浩[2] 

机构地区：[1]华中科技大学管理学院,武汉430074 [2]中南财经政法大学会计学院,武汉430073 [3]江西财经大学会计学院,南昌330013

出　　处：《管理评论》2012年第4期36-44,共9页Management Review

基　　金：国家自然科学基金项目(70872033)

摘　　要：国内对于财务保守行为的研究,均是从产品市场竞争角度展开的。然而,这些研究并没有得出一致的结论。公司的财务保守目的,是给公司提供一定程度的财务灵活性,便于公司在未来使用这种灵活性。当公司遇到有利的投资机会时,具有这种灵活性的公司能够抓住有利的投资机会,进行资本投资。运用1999-2008年中国上市公司的不平衡面板数据,采用动态面板模型进行了实证分析。实证结论表明:公司的财务保守行为与公司未来的投资机会高度显著相关;公司的财务保守行为与公司未来的资本投资高度显著相关。同时,动态面板回归结果也显示,公司的财务保守行为和公司的投资支出都具有时间连续性,与其滞后项高度显著相关。Existing domestic researches on financial flexibility believe that product market competition leads to companies＇ financial conservation.However,these researches do not get a consistent conclusion.Financial conservation,can offer a financial flexibility for companies to certain extent.When a profitable opportunity emerges,the financially conservative company can catch this opportunity and make capital investment for profit.By the unbalanced panel data 1999 to 2008 of Chinese listed companies,we employ dynamics panel data to do an empirical study.The results show： corporate financial conservation has a highly positive relationship with future investment opportunity;the financial conservation has a highly positive relationship with future investment.Meanwhile,the result shows that both financial conservation and investment expenditure have a timely serial relationship,which is correlated with their lags.

关 键 词：债务保守 投资机会 资本投资 

分 类 号：F275[经济管理—企业管理]