上市公司财务柔性及其经济后果研究

发布时间：2018-04-18 11:11

  本文选题：财务柔性 + 融资约束　； 参考：《北京科技大学》2016年博士论文

【摘要】：近年来,随着企业经营环境不确定性程度的提高,客观上要求企业管理系统具备一定的灵活性,而这种灵活性反映在财务管理中就是财务柔性。财务柔性是指通过事前的财务安排,缓冲不利环境变化对企业投融资的冲击,并且能够及时利用环境变化中出现的有利机遇,以提高企业价值的能力。财务柔性反映了企业财务系统面对外部环境变化时所具有的自适应性,其经济后果主要体现在有助于改善企业融资状况,提高投资效率并最终有利于增加企业价值。在企业实际经营中,财务柔性的经济后果与企业的融资约束状况有关,但是从已有研究成果来看,尚缺少此方面的经验证据。为此,本文以中国2006-_2013年度A股上市公司为样本,重点考察货币政策及最终控制人性质所导致的融资约束背景下,财务柔性与投资—现金流敏感性、财务柔性与投资效率、财务柔性与企业价值的关系。本文采用理论和实证相结合的方法,通过历史文献梳理获得研究的理论基础和逻辑起点,在此基础上提出相关研究假设,并运用面板模型、随机前沿模型、联立方程结构模型以及路径模型等多种方法进行实证检验,获得上市公司财务柔性及其经济后果的经验证据。主要研究内容和结论如下：(1)在利用五因素模型估计财务柔性的基础上,将财务柔性量化指标与投资—现金流敏感性经典研究模型相结合,经实证研究发现,财务柔性可以有效降低货币政策紧缩期企业的投资—现金流敏感性,缓解融资约束。但是在货币政策宽松期,财务柔性效应并没有统计上的显著性；进一步区分最终控制人性质发现,财务柔性可以显著降低非国有控股企业的投资—现金流敏感性,并有效缓解融资约束。但是,财务柔性却增加国有控股企业的投资—现金流敏感性。(2)建立代理问题与财务柔性对投资效率影响的面板固定效应模型,经实证研究发现,财务柔性对投资效率的影响主要体现在缓解企业投资不足问题。但是,财务柔性对投资过度的影响没有表现出统计显著性。同时,研究还发现,通过降低代理问题等改善公司内部治理的举措,可以提高财务柔性缓解投资不足的边际效应。而且财务柔性缓解投资不足的效应在非国有控股企业中具有统计上的显著性,在国有控股企业中没有统计上的显著性。(3)在建立联立方程结构模型的基础上,经实证研究发现,财务柔性对企业价值的影响与企业融资约束的大小有关。企业的融资约束较大时,适度提高财务柔性能够增加企业价值；同时,存在行业竞争的情况下,财务柔性强化了行业竞争对企业价值的消极影响。反之,当企业的融资约束较小时,财务柔性过度会降低企业价值；而且,财务柔性会在一定程度上抵减行业竞争对企业价值的积极影响。此外,进一步通过建立路径模型发现,融资约束不同的企业,财务柔性政策的选择偏好存在差异,即选择的价值实现方式不同。财务柔性是企业最重要的财务决策之一。本文对我国上市公司的财务柔性的计量,财务柔性对企业投资—现金流敏感性的影响,财务柔性与企业投资效率关系,财务柔性与企业价值的关系等方面进行了全面、系统的分析,并期望在上述几方面作出若干边际贡献,藉此丰富财务柔性方面的相关研究成果。同时,研究结论可以作为政府制定包括货币政策在内的宏观经济政策,降低企业外部融资约束的理论依据；也为企业管理层根据外部政策变动及企业特征进行动态决策,提高财务政策制定的合理性和有效性提供参考依据。
[Abstract]:In recent years, with the business environment uncertainty, the objective requirements of enterprise management system has some flexibility, but this flexibility is reflected in the financial management of financial flexibility. Financial flexibility refers to the financial arrangements in advance, the buffer changes of investment and financing of the adverse environmental impact on the enterprise, and the timely use of favorable opportunities changes in the environment, in order to improve the ability of the enterprise value. Financial flexibility reflects the adaptability of enterprise financial system is facing the external environment changes, the economic consequences are mainly embodied in the help to improve the financing situation of the enterprise, improve investment efficiency and ultimately increase the value of the enterprise. Enterprises in the actual operation, the relevant financing constraints the status of economic consequences and financial flexibility, but from the existing research results, there is a lack of empirical evidence in this area. Therefore, the The China 2006-_2013 annual A shares of listed companies as sample, and focuses on the nature of the ultimate controller of monetary policy caused by financing constraints under the background of financial flexibility and investment cash flow sensitivity, financial flexibility and investment efficiency, the relationship between financial flexibility and enterprise value. This paper uses the method of combining theory and empirical, theory the foundation and the logical starting point of the study through the literature review, based on the proposed research hypothesis, and use panel model, stochastic frontier model, simultaneous equations model and the path model and other methods for empirical research, empirical evidence from listed companies, financial flexibility and its economic consequences. The main research contents and conclusions are as follows: (1 in the estimation using the five factor model) based on the financial flexibility, the flexible financial indexes and investment cash flow sensitivity classic research model The combination of the empirical study found that financial flexibility can effectively reduce the monetary tightening of the enterprise investment cash flow sensitivity, ease the financing constraints. But in the loose monetary policy, financial flexibility effect was not statistically significant; to further distinguish between the ultimate controlling nature, financial flexibility can significantly reduce the non state-owned holding the investment cash flow sensitivity, and effectively alleviate the financing constraints. However, financial flexibility has increased the state-owned holding enterprises investment cash flow sensitivity. (2) establish a panel fixed effect model the impact of agency problems and financial flexibility on the investment efficiency, through empirical study found that the effect of financial flexibility on investment efficiency is mainly reflected in the to alleviate the problem of under investment. However, the effect of financial flexibility on excessive investment showed no statistical significance. At the same time, the study also found that by reducing the The agency problem and improve corporate internal governance measures, can improve the financial flexibility to alleviate marginal effect of insufficient investment and financial flexibility. Insufficient investment in mitigating the effects of statistically significant in non state owned holding enterprises, have no statistical significance in the state-owned enterprises. (3) based on a simultaneous equation model on the empirical study found that the effect of financial flexibility to enterprise value and the enterprise financing constraints. The size of the financing constraints large enterprises, increase financial flexibility can increase the enterprise value; at the same time, the existence of industry competition situation, strengthen the negative influence of flexible financial industry competition on the enterprise value. On the contrary, when the enterprise financing constraints is small, excessive financial flexibility will reduce corporate value; and financial flexibility will offset the competition of the enterprise value of the product to a certain extent Polar effects. In addition, further through the establishment of a path model found that the financing constraints of different enterprises, the preference of flexible financial policy differences, namely the selection of the value of different ways to realize financial flexibility is one of the most important financial decisions. This paper on China's listed company's financial flexibility measurement, financial flexibility to enterprise investment the cash flow sensitivity, financial flexibility and enterprise investment efficiency, financial flexibility and enterprise value relations and other aspects of a comprehensive, systematic analysis, and hope to make some contribution in the above aspects, so as to enrich the relevant research results of financial flexibility. At the same time, the conclusion of the study can be used as the government including monetary policy the macro economic policy, theoretical basis of enterprise external financing constraints is reduced; also for the enterprise management according to the external policy changes and characteristics of enterprises It provides a reference basis for dynamic decision making to improve the rationality and effectiveness of financial policy formulation.

【学位授予单位】：北京科技大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275
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本文编号：1768135