财务柔性、企业投资与经营业绩--基于货币紧缩背景下的实证研究  

Financial Flexibility, Corporate Investment and Operating Performance——An Empirical Research Based on the Background of Monetary Tightening

作　　者：袁卫秋[1] 王海姣[1] 黄旭[1] 

机构地区：[1]南京财经大学会计学院

出　　处：《投资研究》2016年第4期57-73,共17页Review of Investment Studies

基　　金：国家自然科学基金项目“融资约束影响产业绩效:并购规模与并购方向的作用”(71271139);江苏高校优势学科建设工程资助项目(PAPD);江苏高校品牌专业建设工程资助项目

摘　　要：本文以2005—2010年间沪深两市A股非金融类上市公司为研究对象,利用多元线性回归分析来研究货币紧缩背景下的财务柔性与企业投资及经营业绩的关系。文章得到的主要研究结论是:(1)在货币紧缩时期,企业储备的财务柔性具有明显的缓冲作用,相对于非财务柔性企业而言,财务柔性企业能够有更高的投资水平。(2)相对于非财务柔性企业而言,财务柔性企业在货币紧缩时期的投资支出能够显著提升其随后几年的经营业绩。Taking all non-financial listed companies in Shanghai and Shenzhen stock exchanges from 2005 to 2010 as sample, and using multiple linear regression analysis to study the relationship between financial flexibility and enterprise investment and operating performance under the background of monetary tightening. The study finds these conclusions. First, in a period of monetary tightening, enterprise reserve of financial flexibility has the obvious cushioning effect. Compared with the non flex- ible enterprises, flexible enterprises have higher level of investment. Second, compared to the non flexible enterprises, invest- ment spending of flexible enterprises between tightening monetary period can significantly improve the performance in subse- quent years.

关 键 词：货币紧缩 财务柔性 企业投资 经营业绩 

分 类 号：F275[经济管理—企业管理]