金融危机、财务灵活性与公司投资  

Financial crisis,Financial flexibility and Corporate Investment

作　　者：沈维涛[1] 林燕[1] 黄兴孪[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《厦门大学学报（哲学社会科学版）》2014年第5期147-156,共10页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家自然科学基金面上项目"风险投资支持的企业IPO折价;择机与后管理问题研究"(71172052);福建省社会科学规划项目"政府干预;内部人控制与国有控股上市公司投资行为研究"(2010B069)

摘　　要：美国次贷危机的爆发,对全球金融业和实体经济产生了严重的冲击。对于我国上市公司而言,金融危机对公司的投资行为存在什么影响,公司财务灵活性是否有助于缓解金融危机对企业投资的不利冲击,是值得研究的课题。以2007年至2009年在沪深交易所上市的全部A股民营公司为研究对象,可具体考察金融危机对我国上市公司投资行为的影响,并分析不同财务灵活性公司的投资行为在金融危机期间有何差异。实证结果表明,金融危机显著降低了公司的投资规模,并提高了其投资-现金流敏感度,财务灵活性则起到了有效的缓解作用。这说明由于资本市场不完美,宏观经济的冲击会通过影响资本的供给和需求来影响公司的投资行为。面对宏观经济的冲击,公司的外部融资能力下降,而较高的财务灵活性能使公司避免高成本的外部融资,并抓住有价值的投资机会。The sub-prime crisis broke out in America,exerting a serious impact on the global financial sector and the real economy. For listed companies in China,what impact does the financial crisis have on their investment behavior? Can financial flexibility help to reduce the adverse impact of the financial crisis on corporate investment? These questions are well worth studying. Based on data from all the private companies listed on the Shanghai and Shenzhen Stock Exchanges between 2007 and 2009,we discuss the influence of the financial crisis on the investment behavior of the listed companies and analyze the differences of investment behaviors of different financially flexible firms during the financial crisis. Our analysis shows that the financial crisis significantly reduced the companies' scale of investment and improved their investment-cash flow sensitivity,and that financial flexibility played an effective role of alleviation. This suggests that,as the capital market is not perfect yet,the macroeconomic shocks would affect the corporate investment behaviors by the capital supply and demand. In the face of macroeconomic shocks,companies' external financing capacity is reduced,higher financial flexibility enables them to avoid the high cost of external financing and seize valuable investment opportunities.

关 键 词：金融危机 财务灵活性 公司投资 

分 类 号：F275.6[经济管理—企业管理]