环境不确定性对财务柔性与企业成长性关系的影响研究  

Research on the Effect of Environmental Uncertainty on the Relationship between Financial Flexibility and Enterprises' Growth

作　　者：王爱群[1] 唐文萍[1,2] 

机构地区：[1]吉林大学管理学院,吉林长春130022 [2]佳木斯大学经济与管理学院,黑龙江佳木斯154007

出　　处：《中国软科学》2017年第3期186-192,共7页China Soft Science

摘　　要：本文理论分析了财务柔性对企业成长性的影响,以及环境不确定性对二者关系的调节效应。在理论分析的基础上,以2005-2014年沪深证券交易所A股504家上市公司为研究对象,进行实证检验,结果发现:企业面临的环境不确定性越高,其财务柔性越大,环境不确定性抑制财务柔性与企业成长性的负相关关系,而且这种抑制效应在国有企业更明显。该研究丰富和拓展了财务柔性和企业成长性相关的文献,对国有企业改革有一定的启示意义。This paper made a theoretical analysis of the impact of the financial flexibility on the growth of enterprises and the regulation effect of environmental uncertainty between the two factors. Based on the theoretical analysis,ran an empirical test while taking 504 Shanghai and Shenzhen stock exchange A-share listed companies from the year 2005 to2014 as the research object,and the result shows that： the stronger the environmental uncertainty it is,the greater the enterprises＇ financial flexibility is,environmental uncertainty suppresses the negative correlation relationship between financial flexibility and enterprises＇ growth,and this suppressing effect is much more obvious on state-owned enterprises This study further enriched and expanded the relevant literature of financial flexibility and enterprises＇ growth,and has some enlightening meanings to the reform of state-owned enterprises.

关 键 词：环境不确定性 财务柔性 企业成长性 

分 类 号：F275[经济管理—企业管理]