财务弹性与过度投资相关性研究——基于900家公司数据的定量分析  

Research on the Correlation between Financial Resilience and Overinvestment:A Quantitative Analysis based on Data from 900 Companies

作　　者：兰玉琳[1] LAN Yu-lin(School of Accounting and Statistics,Weifang Vocational College of Engineering,Weifang 262500,China)

机构地区：[1]潍坊工程职业学院会计与统计学院

出　　处：《红河学院学报》2019年第5期118-121,共4页Journal of Honghe University

基　　金：山东省职业教育教学改革研究项目

摘　　要：随着市场竞争的加剧,我国许多企业为抢占市场出现了过度投资行为。文章基于900家不同治理水平的公司数据定量分析公司治理视角下财务弹性与过度投资相关关系。研究表明:公司财务弹性的提升会在一定程度上增加其过度投资行为。但财务弹性提升对高水平治理公司、较高水平治理公司以及低水平治理公司的过度投资行为的影响存在差异,财务弹性的提升对高水平治理公司的过度投资行为影响最小,对较高水平治理公司的过度投资行为影响较小,对低水平治理公司的过度投资行为影响最大。With the intensification of market competition,many enterprises in China have made excessive investment in order to seize the market.This paper quantitatively analyzes the correlation between financial resilience and overinvestment from the perspective of corporate governance based on the data of 900 companies with different governance levels.The research shows that the improvement of the company’s financial flexibility will increase its over-investment behavior to some extent.But financial flexibility ascend higher level to high level management,management company,and low level differences between the effects of excessive investment behavior of corporate governance,financial elasticity of excessive investment behavior of high level management company minimal impact,the excessive investment behavior influence to the higher level management company is small,the excessive investment behavior influence to the low level management company is the largest.

关 键 词：财务弹性 过度投资 公司治理视角 分类回归 DPSIR模型 

分 类 号：F27[经济管理—企业管理]