生命周期視角下財務彈性與投資效率關系研究
發(fā)布時間：2019-06-05 20:03
【摘要】：投資作為企業(yè)重要的財務決策,其效率的高低不僅關系著企業(yè)自身經(jīng)營狀況的好壞,甚至會影響整個經(jīng)濟社會資源分配的合理性。隨著市場競爭的激烈化,企業(yè)對于優(yōu)化投資行為,提高投資效率表現(xiàn)出了更加迫切的需求。與此同時,越來越多的企業(yè)家開始把目光放在了財務彈性上。財務彈性是企業(yè)利用閑置資金和未使用的舉債能力應對未來環(huán)境的不確定性和把握有利投資機會,進而實現(xiàn)企業(yè)價值最大化的能力。在企業(yè)中,保持適當?shù)呢攧諒椥圆粌H能促進其自身發(fā)展壯大,而且對于優(yōu)化投資行為,提高投資效率起著關鍵性作用。企業(yè)作為一個有機個體,其發(fā)展要經(jīng)歷一定的生命周期階段。為了實現(xiàn)企業(yè)的目標,可以根據(jù)生命周期特征采取有效的行動。因此,在投資效率理論的基礎上,按照企業(yè)不同生命周期階段,動態(tài)地研究了財務彈性與投資效率之間的關系,從而為我國企業(yè)優(yōu)化投資行為,提高投資效率提供參考意見。本文研究的重點在于財務彈性對企業(yè)的非效率投資是否具有治理作用,以及這種治理作用是否存在明顯的周期性差異。所以,如何科學有效地進行企業(yè)生命周期階段的劃分、度量財務彈性和非效率投資就顯得尤為重要。選取我國上市的制造業(yè)企業(yè)為樣本。參照Dickinson的做法,利用現(xiàn)金流組合的方法把所有樣本企業(yè)劃分為成長期、成熟期、衰退期三個時期;選取相關財務指標,利用主成分分析法對財務彈性進行計量;在Richardson模型的基礎上,選取相關影響因素,構建非效率投資評價模型,對企業(yè)的非效率投資程度進行度量。為了進一步說明財務彈性對非效率投資的治理作用具有周期性特征,分生命周期階段對財務彈性與非效率投資的關系進行了回歸分析。通過研究發(fā)現(xiàn):(1)財務彈性對企業(yè)的非效率投資具有治理作用,并且財務彈性對投資不足的治理作用更加顯著;(2)在成長期,財務彈性與投資不足呈顯著的負相關關系,財務彈性能夠緩解投資不足現(xiàn)象;(3)在成熟期,財務彈性與投資過度存在正相關關系,但兩者之間的相關性不強;(4)在衰退期,財務彈性不能改善企業(yè)的非效率投資狀況。
[Abstract]:As an important financial decision, the efficiency of investment is not only related to the quality of the enterprise's own management, but also affects the rationality of the allocation of economic and social resources. With the intensification of market competition, enterprises have a more urgent demand for optimizing investment behavior and improving investment efficiency. At the same time, more and more entrepreneurs began to focus on financial flexibility. Financial flexibility is the ability of enterprises to use idle funds and unused borrowing capacity to cope with the uncertainty of the future environment and seize favorable investment opportunities, so as to maximize the value of enterprises. In enterprises, maintaining appropriate financial flexibility can not only promote their own development and growth, but also play a key role in optimizing investment behavior and improving investment efficiency. As an organic individual, the development of enterprises should go through a certain life cycle stage. In order to achieve the goal of the enterprise, effective action can be taken according to the characteristics of the life cycle. Therefore, on the basis of investment efficiency theory, according to different life cycle stages of enterprises, the relationship between financial elasticity and investment efficiency is studied dynamically, so as to provide reference for Chinese enterprises to optimize investment behavior and improve investment efficiency. The focus of this paper is whether financial elasticity plays a governance role in inefficient investment of enterprises, and whether there are obvious periodic differences in this governance role. Therefore, how to scientifically and effectively divide the enterprise life cycle stage, it is particularly important to measure financial flexibility and inefficient investment. Select the listed manufacturing enterprises in China as a sample. According to the practice of Dickinson, all the sample enterprises are divided into three periods: growth period, maturity period and recession period by using the method of cash flow combination, and the financial elasticity is measured by principal component analysis (PCA). On the basis of Richardson model, the related influencing factors are selected, and the evaluation model of inefficient investment is constructed to measure the degree of inefficient investment of enterprises. In order to further explain that the governance effect of financial elasticity on inefficient investment has periodic characteristics, the relationship between financial elasticity and inefficient investment is analyzed by regression analysis in the life cycle stage. Through the research, it is found that: (1) Financial elasticity plays a governance role in the inefficient investment of enterprises, and the financial elasticity plays a more significant role in the governance of insufficient investment; (2) in the growth period, there is a significant negative correlation between financial elasticity and insufficient investment, and financial elasticity can alleviate the phenomenon of underinvestment; (3) in the mature period, there is a positive correlation between financial elasticity and excessive investment, but the correlation between them is not strong; (4) in the recession period, financial elasticity can not improve the inefficient investment situation of enterprises.
【學位授予單位】：西華大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F425
[Abstract]:As an important financial decision, the efficiency of investment is not only related to the quality of the enterprise's own management, but also affects the rationality of the allocation of economic and social resources. With the intensification of market competition, enterprises have a more urgent demand for optimizing investment behavior and improving investment efficiency. At the same time, more and more entrepreneurs began to focus on financial flexibility. Financial flexibility is the ability of enterprises to use idle funds and unused borrowing capacity to cope with the uncertainty of the future environment and seize favorable investment opportunities, so as to maximize the value of enterprises. In enterprises, maintaining appropriate financial flexibility can not only promote their own development and growth, but also play a key role in optimizing investment behavior and improving investment efficiency. As an organic individual, the development of enterprises should go through a certain life cycle stage. In order to achieve the goal of the enterprise, effective action can be taken according to the characteristics of the life cycle. Therefore, on the basis of investment efficiency theory, according to different life cycle stages of enterprises, the relationship between financial elasticity and investment efficiency is studied dynamically, so as to provide reference for Chinese enterprises to optimize investment behavior and improve investment efficiency. The focus of this paper is whether financial elasticity plays a governance role in inefficient investment of enterprises, and whether there are obvious periodic differences in this governance role. Therefore, how to scientifically and effectively divide the enterprise life cycle stage, it is particularly important to measure financial flexibility and inefficient investment. Select the listed manufacturing enterprises in China as a sample. According to the practice of Dickinson, all the sample enterprises are divided into three periods: growth period, maturity period and recession period by using the method of cash flow combination, and the financial elasticity is measured by principal component analysis (PCA). On the basis of Richardson model, the related influencing factors are selected, and the evaluation model of inefficient investment is constructed to measure the degree of inefficient investment of enterprises. In order to further explain that the governance effect of financial elasticity on inefficient investment has periodic characteristics, the relationship between financial elasticity and inefficient investment is analyzed by regression analysis in the life cycle stage. Through the research, it is found that: (1) Financial elasticity plays a governance role in the inefficient investment of enterprises, and the financial elasticity plays a more significant role in the governance of insufficient investment; (2) in the growth period, there is a significant negative correlation between financial elasticity and insufficient investment, and financial elasticity can alleviate the phenomenon of underinvestment; (3) in the mature period, there is a positive correlation between financial elasticity and excessive investment, but the correlation between them is not strong; (4) in the recession period, financial elasticity can not improve the inefficient investment situation of enterprises.
【學位授予單位】：西華大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F425
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