财务柔性能抑制债务融资成本对绩效的负影响吗?——基于中国上市公司的实证研究  

Can Financial Flexibility Restrain the Negative Impact of Debt Financing Cost on Performance?——Based on Empirical Research of Listed Companies in China

作　　者：翟洁 ZHAI Jie

机构地区：[1]湖南工业大学经济与贸易学院,湖南株洲412007

出　　处：《吉林金融研究》2023年第10期9-14,共6页Journal of Jilin Financial Research

基　　金：湖南省自然科学基金面上项目“产业链升级视角下湖南省装备制造业服务化转型的绩效与路径研究”(2021JJ30224);湖南省教育厅科学研究项目“新阶段服务化驱动中国制造业价值链攀升的机制与对策研究”(21B0541)。

摘　　要：本文以2011—2021年沪深A股公司为研究样本,对财务柔性能否抑制债务融资成本对企业绩效产生负面影响进行深入分析。结果表明:在国企和大型企业中,债务融资成本与企业绩效之间的负向关联更为显著;财务柔性与绩效呈倒“U”型曲线关系。进一步研究显示:适度的财务柔性是关键的管理策略,有望缓解债务融资成本对公司绩效的不利影响,从而保持财务健康和绩效稳健。为我国上市公司对债务融资成本高涨应对提供了有意义的参考。This paper takes Shanghai and Shenzhen A-share companies from 2011 to 2021 as research samples to conduct an in-depth analysis on whether financial flexibility can restrain the negative impact of debt financing costs on corporate performance.The results show that in state-owned enterprises and large enterprises,the negative correlation between debt financing cost and corporate performance is more significant;The relationship between financial flexibility and performance is inverted U-shaped curve.Further research shows that moderate financial flexibility is a key management strategy,which is expected to mitigate the adverse impact of debt financing costs on corporate performance,so as to maintain financial health and robust performance.It provides a meaningful reference for Chinese listed companies to cope with the rising cost of debt financing.

关 键 词：债务融资成本 财务柔性 调节效应 

分 类 号：F830[经济管理—金融学]