市场化进程视角下的财务冗余与投资效率  

Financial redundancy and Investment efficiency under the Perspective of marketization process

作　　者：郭小金[1] 袁文 GUO Xiao-jin;YUAN Wen(Jiangxi University of Finance and Economics School of accounting,Nanchang 330013,China;Jiangxi University of Finance and EconomicsModern Institute of Economic Management,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,南昌330013 [2]江西财经大学现代经济管理学院,南昌330013

出　　处：《经济研究导刊》2019年第20期167-171,共5页Economic Research Guide

基　　金：江西省教育厅科学技术研究项目(GJJ170326);江西省教育厅科技项目(GJJ170352);江西省社科规划一般项目(17GL08)

摘　　要：企业的投资行为需要大量资金的支持,财务冗余作为企业内部一种易于获取的积存资源,可以让企业对于不确定的投资环境保持一定的预防与缓冲能力,可以缓解企业因资金不足而错失投资机会的问题,从而提升投资效率。已有研究证实,财务冗余对投资效率的作用并不单一。从市场化进程的视角出发,分析财务冗余对投资效率的关系,研究发现,当市场化水平较高时,财务冗余与投资效率呈正相关关系,市场化水平较低时,现金冗余会加剧过度投资,而负债冗余能发挥债权人的监督作用,抑制投资异化。在不同的市场环境下,企业可以采用不同的财务政策,以充分发挥财务冗余对投资效率的积极作用。The investment behavior of enterprises needs the support of a lot of funds.As an easy to obtain accumulated resources within enterprises,financial redundancy can make enterprises maintain certain prevention and buffer ability for uncertain investment environment,and can alleviate the problem that enterprises miss investment opportunities because of lack of funds,so as to improve investment efficiency.It has been confirmed that the effect of financial redundancy on investment efficiency is not single.From the perspective of marketization process,this paper analyzes the relationship between financial redundancy and investment efficiency.It is found that when the level of marketization is high,there is a positive correlation between financial redundancy and investment efficiency.When the level of marketization is low,cash redundancy will aggravate overinvestment,and debt redundancy can give full play to the supervisory role of creditors and inhibit the alienation of investment.In different market environments,enterprises can adopt different financial policies in order to give full play to the positive role of financial redundancy on investment efficiency.

关 键 词：财务冗余 投资效率 市场化进程 代理问题 

分 类 号：F275[经济管理—企业管理]