财务柔性、内部控制与企业绩效——基于A股市场制造业上市公司的经验论证  

Recognize the price fundamentals and take multiple measures to promote the supply and stability of prices——Test based on the data of A-share manufacturing listed companies

作　　者：石泓[1] 王璐瑶 吕志超 

机构地区：[1]东北农业大学经济管理学院

出　　处：《价格理论与实践》2020年第1期103-106,共4页Price:Theory & Practice

基　　金：黑龙江省哲学社会科学15GLE05;黑龙江省哲学社会科学15GLB03。

摘　　要：当前企业资本管理中存在越来越多的不确定性,不断变化的财务管理环境使得企业财务柔性管理备受重视。本文以2014-2018年A股制造业上市公司为样本,检验了财务柔性对企业绩效的影响,在此基础上,使用曲线调节效应回归模型,验证了内部控制对财务柔性与企业绩效关系的影响。研究发现:财务柔性与企业绩效之间呈倒U型关系,且存在平衡点,即最优财务柔性水平;财务柔性与企业绩效的关系受到内部控制的显著影响,二者之间的平衡点随着内部控制质量的增加而向右发生偏移。The increasing uncertainty in the current corporate capital management and the ever-changing financial management environment have made corporate financial flexible management highly valued.This article uses the 2014-2018 A-share manufacturing listed companies as a sample to examine the impact of financial flexibility on corporate performance.On this basis,a curve adjustment effect regression model is used to verify the impact of internal control on the relationship between financial flexibility and corporate performance.The study found that:the relationship between financial flexibility and corporate performance is in an inverted U-shape,and there is a balance point,that is,the optimal level of financial flexibility;the relationship between financial flexibility and corporate performance is significantly affected by internal control,and the balance point between the two As the quality of internal control increases,it shifts to the right.

关 键 词：财务柔性 企业绩效 内部控制 公司治理 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济] F406.7F425