金融关联、财务柔性与企业投资  

Financial Relationship, Financial Flexibility and Enterprise Investment

作　　者：黄昌富[1] 朱梦[1] 

机构地区：[1]三峡大学经济与管理学院,湖北宜昌443002

出　　处：《浙江金融》2016年第9期45-52,共8页Zhejiang Finance

摘　　要：本文以高管金融背景为依据构建金融关联指数,并以我国2005-2012年沪深A股制造业上市公司为研究样本,实证考察了金融关联、财务柔性与企业投资水平的关系。研究发现,拥有金融关联的企业能保持较高的现金柔性与负债融资柔性。其中,拥有金融关联的民营企业现金柔性较低、负债融资柔性较高,拥有金融关联的国有企业现金柔性和负债融资柔性都较高。金融关联与现金柔性的共同作用会增加企业投资,而与负债融资柔性的共同作用则会抑制企业投资。由于产权属性的差异,金融关联、财务柔性对企业投资会产生截然不同的影响。Based on executives＇ financial relationship to build a financial relationship index,then use 2005-2012 A-share listed manufacturing companies as the research sample, we study the relationship between financial relationship, financial flexibility and investment levels.We found that compared to non-financial related companies, financial related companies can maintain higher cash flexibility and debt financing flexibility. Private enterprises holding financial relationship maintain less cash flexibility and higher debt financing flexibility. State-owned enterprises holding financial relationship maintain higher cash flexibility and debt financing flexibility. Financial relationship associated with cash combined will increase investment, while with the debt financing flexibility will suppress investment. Due to differences in property rights, financial relationship and financial flexibility have different effects on investment.

关 键 词：金融关联 财务柔性 企业投资 产权属性 

分 类 号：F832.5[经济管理—金融学]