财务柔性和公司治理对企业价值的影响研究  

Research on the Impact of Financial Flexibility and Corporate Governance on Firm Value

作　　者：秦伟娜 谢冰倩 Qin Weina;Xie Bingqian(School of Economics and Management,Guangxi Minzu Normal University,Chongzuo Guangxi 532200;School of Finance and Taxation,Henan University of Economics and Law,Zhengzhou Henan 450046)

机构地区：[1]广西民族师范学院经济与管理学院,广西崇左532200 [2]河南财经政法大学财政税务学院,河南郑州450046

出　　处：《对外经贸》2025年第3期108-114,共7页FOREIGN ECONOMIC RELATIONS & TRADE

基　　金：2022年度广西民族师范学院校级科研项目“财务柔性、公司治理与企业价值——基于广西上市公司的实证研究”(项目编号:2022YB024)。

摘　　要：选取2013—2022年我国A股上市公司为样本,实证探究财务柔性和公司治理对企业价值的影响。研究结果表明,两者均对企业价值具有显著正向作用,验证了其在提升企业竞争力中的关键作用。异质性分析进一步揭示,不同性质的企业在财务柔性与公司治理对企业价值的促进效果上存在显著差异。这一发现不仅揭示了财务柔性与公司治理对企业价值的重要性,还强调了企业性质在影响两者作用效果中的关键作用,为上市公司提供了优化财务策略与公司治理结构的实践指导,有助于企业根据自身性质制定针对性策略,以实现企业价值的最大化。This paper selects A-share listed companies in China from 2013 to 2022 as a sample to empirically explore the impact of financial flexibility and corporate governance on enterprise value.The findings show that both have significant positive effects on enterprise value,verifying their key role in enhancing enterprise competitiveness.Heterogeneity analysis further reveals that there is a significant difference between firms of different natures in terms of the promotional effect of financial flexibility and corporate governance on firm value.This finding not only reveals the importance of financial flexibility and corporate governance on frm value,but also emphasizes the key role of the nature of the firm in influencing the effect of both roles.This paper provides practical guidance for listed companies to optimize their financial strategy and corporate governance structure,which helps them to formulate targeted strategies according to their nature in order to maximize firm value.

关 键 词：财务柔性 公司治理 企业价值 A股上市公司 

分 类 号：F275.5[经济管理—企业管理]