本文選題：多元化經(jīng)營　切入點(diǎn)：財務(wù)柔性　出處：《東北財經(jīng)大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：根據(jù)2015年7月的《世界經(jīng)濟(jì)展望》報告顯示,與2014年10月相比,全球經(jīng)濟(jì)增長的風(fēng)險分布更加均衡。盡管不確定石油供給沖擊是否會持續(xù),但是油價下跌的確對全球增長產(chǎn)生了較強(qiáng)的促進(jìn)作用,是上行風(fēng)險的主要動力。下行風(fēng)險主要由市場情緒的變化和全球金融市場的波動引起,特別是油價下跌已經(jīng)導(dǎo)致新興市場經(jīng)濟(jì)體中的石油出口國表現(xiàn)出脆弱性。在歐元區(qū)和日本,經(jīng)濟(jì)停滯和低通脹仍值得繼續(xù)關(guān)注�？梢哉f,目前影響全球經(jīng)濟(jì)演變的力量錯縱復(fù)雜,整體不確定性較強(qiáng),難以得出明確的發(fā)展趨勢。2008年金融危機(jī)給全球經(jīng)濟(jì)帶來了劇烈震蕩。統(tǒng)計表明,在該次危機(jī)中衰亡的企業(yè)大多都有一個共性特征——由于財務(wù)上缺乏柔性導(dǎo)致現(xiàn)金流斷裂,繼而陷入嚴(yán)重的財務(wù)困境而無法脫身。相反,在財務(wù)上具有充足柔性的企業(yè)不僅成功自救,而且能夠以較低成本籌集到資金進(jìn)行有價值的投資,從而提高企業(yè)價值。雖然類似于金融危機(jī)這樣的外生沖擊事件能夠較好地檢驗財務(wù)柔性的有效性(曾愛民,2011),但是Bancel and Mittoo (2004)、Brounen等人(2004)通過對美國和歐洲企業(yè)高管人員進(jìn)行調(diào)查發(fā)現(xiàn),高管們認(rèn)為在企業(yè)資本結(jié)構(gòu)決策中最重要的考慮因素就是財務(wù)柔性問題。因此,財務(wù)柔性不僅是幫助企業(yè)安全渡過危機(jī)的“諾亞方舟”,在日常經(jīng)營中更起著至關(guān)重要的作用。美國財務(wù)會計準(zhǔn)則委員會(FASB,1984)將財務(wù)柔性定義為,企業(yè)通過調(diào)控現(xiàn)金流以應(yīng)對非預(yù)期需求和機(jī)會的能力。身處后金融危機(jī)時代,企業(yè)面臨的經(jīng)濟(jì)環(huán)境越來越表現(xiàn)出不確定性,如果不具備這種能力,則很有可能在下一個經(jīng)濟(jì)波動周期中被市場淘汰。近年來,多元化經(jīng)營作為一種重要的經(jīng)營行為,在我國上市公司中普遍存在(張純、高吟,2010),其實施會對企業(yè)的方方面面產(chǎn)生影響,也包括財務(wù)柔性。因此,如果將多元化經(jīng)營與企業(yè)財務(wù)柔性置于同一框下架進(jìn)行研究,很可能為企業(yè)抵御不利沖擊、應(yīng)對環(huán)境不確定性提供新的思路。此外,不少實證研究證明,財務(wù)柔性儲備有助于公司把握有價值的投資機(jī)會,進(jìn)而提升公司價值,那么多元化經(jīng)營行為是否也會影響財務(wù)柔性的價值效應(yīng)呢?結(jié)合以上問題,本文的研究內(nèi)容主要包含以下六個部分：第一章是緒論。本章主要介紹選題的背景與意義、涉及的相關(guān)概念、研究的思路與內(nèi)容、方法與框架以及可能的創(chuàng)新與不足之處。第二章是文獻(xiàn)綜述。本章主要對國內(nèi)外與財務(wù)柔性和多元化經(jīng)營相關(guān)的文獻(xiàn)進(jìn)行梳理,評述研究成果,提出本文的研究方向。第三章是理論基礎(chǔ)與研究假設(shè)。首先,介紹基本理論,包括內(nèi)部資本市場理論、權(quán)衡理論以及產(chǎn)權(quán)理論。然后,在這些理論的基礎(chǔ)上,分析多元化經(jīng)營對財務(wù)柔性的影響路徑。最后,提出研究假設(shè)。第四章是研究設(shè)計。本章主要介紹研究的數(shù)據(jù)來源、樣本選取、變量定義以及模型設(shè)計。第五章是實證分析。本章主要是對觀測樣本進(jìn)行描述性統(tǒng)計、相關(guān)性分析、多元回歸分析以及穩(wěn)健性檢驗。第六章是研究結(jié)論與政策建議。首先,總結(jié)實證研究得出的結(jié)論。然后,提出相關(guān)政策建議。最后,說明本文的局限性。本文以2011-2014年滬深A(yù)股上市公司為研究對象,探討了多元化經(jīng)營對財務(wù)柔性及其邊際價值的影響,研究發(fā)現(xiàn)：(1)多元化企業(yè)的內(nèi)部融資優(yōu)勢會影響其財務(wù)柔性水平,表現(xiàn)為多元化經(jīng)營程度越高,企業(yè)財務(wù)柔性水平越低。(2)產(chǎn)權(quán)性質(zhì)會顯著影響多元化經(jīng)營對財務(wù)柔性水平的負(fù)向作用,表現(xiàn)為多元化經(jīng)營程度對財務(wù)柔性水平的負(fù)向作用在國有企業(yè)中會有所減弱。(3)財務(wù)柔性存在“折價”效應(yīng),但多元化經(jīng)營能夠減少這些因素對財務(wù)柔性的干擾,從而緩解這種“折價”效應(yīng),不過這種作用在實際中并不明顯。本文以多元化經(jīng)營為切入點(diǎn),拓展了關(guān)于財務(wù)柔性領(lǐng)域的研究,并在實證研究中做出了嘗試,為企業(yè)制定合理的經(jīng)營決策提出了建議,具有一定的理論和現(xiàn)實意義。本文可能的創(chuàng)新在于,第一,將財務(wù)柔性與多元化經(jīng)營納入同一框架下進(jìn)行研究能夠從源頭上更好地理解財務(wù)柔性,具有一定的理論價值。第二,在研究中引入產(chǎn)權(quán)性質(zhì),豐富了財務(wù)柔性的形成路徑。第三,將研究拓展到了財務(wù)柔性的邊際價值,使研究內(nèi)容更加完整。本文可能的不足之處在于,本文多用靜態(tài)指標(biāo)來衡量財務(wù)柔性,所應(yīng)用的數(shù)據(jù)也均為歷史數(shù)據(jù),無法反應(yīng)財務(wù)柔性動態(tài)、變化的特點(diǎn)。此外,該衡量方法雖然具有廣泛的應(yīng)用性,但不足以反映其他諸多影響因素,例如宏觀經(jīng)濟(jì)形勢、貨幣政策等。
[Abstract]:According to the July 2015 world economic outlook report < >, compared with October 2014, the risk distribution of global economic growth more balanced. Though not sure whether the oil supply shocks will continue, but the decline in oil prices is indeed on global growth has a strong role in promoting, is the main force for risk. The downside risk is mainly caused by the change in market sentiment and the global financial market volatility, especially the decline in oil prices has led to emerging market economies in oil exporting countries showing vulnerability. In the euro zone and Japan, economic stagnation and low inflation is still worth continued attention. It can be said that the impact of the current global economic development power complex, the overall uncertainty is strong, it is difficult to draw a clear trend of the development of the.2008 financial crisis has brought severe shock to the global economy. Statistics show that the decline in the crisis in most of the enterprises have A common feature: due to lack of flexibility leads to financial cash flow break, and then fall into serious financial difficulties and unable to escape. On the contrary, the financial enterprise not only has sufficient flexibility and self-help, able to lower the cost of raising funds for valuable investment, so as to improve the enterprise value. Although similar to the financial crisis the impact of exogenous events like this can test the validity of financial flexibility (once people, 2011), but the Bancel and Mittoo (2004), Brounen et al. (2004) according to a survey of American and European executives found that executives believe the most important consideration in the decision of capital structure is the financial flexibility therefore, financial flexibility is not only help enterprises through the crisis of "Noah's Ark", it plays a vital role in the daily operations of the financial accounting. Standards Committee (FASB, 1984) the financial flexibility is defined as the ability of the enterprise, through the regulation of cash flow to deal with unexpected needs and opportunities. In the post financial crisis era, enterprises are facing the economic environment to show more and more uncertainty, if you do not have this ability, it is likely in the next cycle of economic fluctuations to be out of the market. In recent years, diversification as an important management behavior exists in Listed Companies in our country (Zhang Chun, song, 2010), the implementation of all aspects of the business impact, including financial flexibility. Therefore, if the diversification and corporate financial flexibility in the same the box under the frame of research, is likely to withstand adverse shocks for the enterprise, to provide new ideas to cope with environmental uncertainty. In addition, many empirical studies have shown that flexible financial reserves will help the company to grasp valuable investment opportunities, In order to enhance the value of the company, then the diversification behavior will influence the value of financial flexibility effects? Combined with the above problems, this study mainly includes the following six parts: the first chapter is the introduction. This chapter mainly introduces the background and significance of the topic, related concepts, ideas and research content, method and framework and the possible innovation and shortage. The second chapter is literature review. This chapter is mainly to sort out the domestic and foreign financial flexibility and diversification of relevant literatures, reviews the research results, put forward the research direction of this paper. The third chapter is the theoretical basis and research hypothesis. First, introduce the basic theory, including the theory of internal capital market balance theory and property rights theory. Then, on the basis of these theories, the analysis of diversification on the effect of financial flexibility path. Finally, put forward the research hypothesis. The fourth chapter is the research Study design. This chapter mainly introduces the research data sources, sample selection, variable definitions and model design. The fifth chapter is the empirical analysis. This chapter is the observation sample descriptive statistics, correlation analysis, multiple regression analysis and robustness test. The sixth chapter is the research conclusion and policy suggestions. First, summarize the empirical analysis conclusion. Then, puts forward relevant policy suggestions. Finally, explains the limitations of this article. In this paper, 2011-2014 years in Shanghai and Shenzhen A shares of listed companies as the research object, discusses the impact of diversification on financial flexibility and the marginal value of the study found that: (1) internal financing advantages of diversified enterprise will affect the financial flexibility and performance the higher the degree of diversification, the level of corporate financial flexibility is low. (2) the nature of property rights will significantly affect the diversification of financial flexibility level of negative effect, manifested as multiple Operation of financial flexibility level negative effect in state-owned enterprises will be weakened. (3) the existence of "flexible financial discount" effect, but diversification can reduce the interference of these factors on financial flexibility, so as to alleviate the "discount" effect, but this effect is not obvious in practice. In this paper, diversification business as a starting point, to expand the research on flexible financial field, and make an attempt in the empirical study, and puts forward some suggestions for the enterprises to make rational business decisions, has certain theoretical and practical significance. The innovation of this article is, first, the financial flexibility and diversification into the research from the source can be better understanding of the financial flexibility is the same framework, has a certain theoretical value. Second, introduce the nature of property rights in the study, enrich the financial flexibility forming path. Third, the extension of Show to the marginal value of financial flexibility, make the research contents more complete. The inadequacies of this article lies in this paper may be, use more static indicators to measure the financial flexibility, the application data are historical data, can not reflect the characteristics of flexible financial dynamic changes. In addition, the measure method is widely used, but not enough to reflect other factors, such as macroeconomic situation and monetary policy.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F275;F276.6

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 姜慧琳;;財務(wù)柔性內(nèi)涵、度量方法及經(jīng)濟(jì)后果——基于國內(nèi)外文獻(xiàn)的述評[J];中國管理信息化;2013年19期

2 王滿;商亞超;;企業(yè)財務(wù)柔性管理策略[J];財務(wù)與會計(理財版);2013年12期

3 周必芬;;企業(yè)的財務(wù)柔性和流動性管理[J];企業(yè)導(dǎo)報;2014年03期

4 王滿;姜慧琳;;財務(wù)柔性對非效率投資的影響:促進(jìn)還是抑制?[J];會計之友;2014年10期

5 劉名旭;向顯湖;;不確定環(huán)境下的財務(wù)柔性理論及其本質(zhì)[J];改革與戰(zhàn)略;2014年04期

6 趙華;張鼎祖;;企業(yè)財務(wù)柔性的本原屬性研究[J];會計研究;2010年06期

7 盧宏彬;;不確定環(huán)境下的財務(wù)柔性管理研究[J];當(dāng)代經(jīng)濟(jì);2010年19期

8 曾愛民;傅元略;魏志華;;金融危機(jī)沖擊、財務(wù)柔性儲備和企業(yè)融資行為——來自中國上市公司的經(jīng)驗證據(jù)[J];金融研究;2011年10期

9 潘魏靈;;淺析企業(yè)的財務(wù)柔性和流動性管理[J];現(xiàn)代管理科學(xué);2012年08期

10 薛春梅;;淺談對企業(yè)財務(wù)柔性的幾點(diǎn)看法[J];時代金融;2013年12期

相關(guān)會議論文 前2條

1 王滿;;財務(wù)柔性視角下云南白藥財務(wù)資源管理策略[A];2012年度中國總會計師優(yōu)秀論文選[C];2013年

2 曾愛民;;融資約束、財務(wù)柔性與企業(yè)投資-現(xiàn)金流敏感性——理論分析及來自中國上市公司的經(jīng)驗證據(jù)[A];中國會計學(xué)會2011學(xué)術(shù)年會論文集[C];2011年

相關(guān)博士學(xué)位論文 前1條

1 劉名旭;企業(yè)財務(wù)柔性研究[D];西南財經(jīng)大學(xué);2014年

，

本文編號：1622995