發(fā)布時間：2018-04-18 11:11

  本文選題：財務(wù)柔性 + 融資約束��； 參考：《北京科技大學(xué)》2016年博士論文

【摘要】：近年來,隨著企業(yè)經(jīng)營環(huán)境不確定性程度的提高,客觀上要求企業(yè)管理系統(tǒng)具備一定的靈活性,而這種靈活性反映在財務(wù)管理中就是財務(wù)柔性。財務(wù)柔性是指通過事前的財務(wù)安排,緩沖不利環(huán)境變化對企業(yè)投融資的沖擊,并且能夠及時利用環(huán)境變化中出現(xiàn)的有利機遇,以提高企業(yè)價值的能力。財務(wù)柔性反映了企業(yè)財務(wù)系統(tǒng)面對外部環(huán)境變化時所具有的自適應(yīng)性,其經(jīng)濟后果主要體現(xiàn)在有助于改善企業(yè)融資狀況,提高投資效率并最終有利于增加企業(yè)價值。在企業(yè)實際經(jīng)營中,財務(wù)柔性的經(jīng)濟后果與企業(yè)的融資約束狀況有關(guān),但是從已有研究成果來看,尚缺少此方面的經(jīng)驗證據(jù)。為此,本文以中國2006-_2013年度A股上市公司為樣本,重點考察貨幣政策及最終控制人性質(zhì)所導(dǎo)致的融資約束背景下,財務(wù)柔性與投資—現(xiàn)金流敏感性、財務(wù)柔性與投資效率、財務(wù)柔性與企業(yè)價值的關(guān)系。本文采用理論和實證相結(jié)合的方法,通過歷史文獻梳理獲得研究的理論基礎(chǔ)和邏輯起點,在此基礎(chǔ)上提出相關(guān)研究假設(shè),并運用面板模型、隨機前沿模型、聯(lián)立方程結(jié)構(gòu)模型以及路徑模型等多種方法進行實證檢驗,獲得上市公司財務(wù)柔性及其經(jīng)濟后果的經(jīng)驗證據(jù)。主要研究內(nèi)容和結(jié)論如下：(1)在利用五因素模型估計財務(wù)柔性的基礎(chǔ)上,將財務(wù)柔性量化指標與投資—現(xiàn)金流敏感性經(jīng)典研究模型相結(jié)合,經(jīng)實證研究發(fā)現(xiàn),財務(wù)柔性可以有效降低貨幣政策緊縮期企業(yè)的投資—現(xiàn)金流敏感性,緩解融資約束。但是在貨幣政策寬松期,財務(wù)柔性效應(yīng)并沒有統(tǒng)計上的顯著性；進一步區(qū)分最終控制人性質(zhì)發(fā)現(xiàn),財務(wù)柔性可以顯著降低非國有控股企業(yè)的投資—現(xiàn)金流敏感性,并有效緩解融資約束。但是,財務(wù)柔性卻增加國有控股企業(yè)的投資—現(xiàn)金流敏感性。(2)建立代理問題與財務(wù)柔性對投資效率影響的面板固定效應(yīng)模型,經(jīng)實證研究發(fā)現(xiàn),財務(wù)柔性對投資效率的影響主要體現(xiàn)在緩解企業(yè)投資不足問題。但是,財務(wù)柔性對投資過度的影響沒有表現(xiàn)出統(tǒng)計顯著性。同時,研究還發(fā)現(xiàn),通過降低代理問題等改善公司內(nèi)部治理的舉措,可以提高財務(wù)柔性緩解投資不足的邊際效應(yīng)。而且財務(wù)柔性緩解投資不足的效應(yīng)在非國有控股企業(yè)中具有統(tǒng)計上的顯著性,在國有控股企業(yè)中沒有統(tǒng)計上的顯著性。(3)在建立聯(lián)立方程結(jié)構(gòu)模型的基礎(chǔ)上,經(jīng)實證研究發(fā)現(xiàn),財務(wù)柔性對企業(yè)價值的影響與企業(yè)融資約束的大小有關(guān)。企業(yè)的融資約束較大時,適度提高財務(wù)柔性能夠增加企業(yè)價值；同時,存在行業(yè)競爭的情況下,財務(wù)柔性強化了行業(yè)競爭對企業(yè)價值的消極影響。反之,當企業(yè)的融資約束較小時,財務(wù)柔性過度會降低企業(yè)價值；而且,財務(wù)柔性會在一定程度上抵減行業(yè)競爭對企業(yè)價值的積極影響。此外,進一步通過建立路徑模型發(fā)現(xiàn),融資約束不同的企業(yè),財務(wù)柔性政策的選擇偏好存在差異,即選擇的價值實現(xiàn)方式不同。財務(wù)柔性是企業(yè)最重要的財務(wù)決策之一。本文對我國上市公司的財務(wù)柔性的計量,財務(wù)柔性對企業(yè)投資—現(xiàn)金流敏感性的影響,財務(wù)柔性與企業(yè)投資效率關(guān)系,財務(wù)柔性與企業(yè)價值的關(guān)系等方面進行了全面、系統(tǒng)的分析,并期望在上述幾方面作出若干邊際貢獻,藉此豐富財務(wù)柔性方面的相關(guān)研究成果。同時,研究結(jié)論可以作為政府制定包括貨幣政策在內(nèi)的宏觀經(jīng)濟政策,降低企業(yè)外部融資約束的理論依據(jù)；也為企業(yè)管理層根據(jù)外部政策變動及企業(yè)特征進行動態(tài)決策,提高財務(wù)政策制定的合理性和有效性提供參考依據(jù)。
[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.

【學(xué)位授予單位】：北京科技大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F275
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本文編號：1768135