財務(wù)柔性對非效率投資影響的實證研究
發(fā)布時間：2018-07-26 19:08
【摘要】：自從2008年金融危機全面爆發(fā)以來,全球經(jīng)濟環(huán)境處于動蕩之中。尤其是我國的資本市場還不是很完善,再加上企業(yè)競爭日益激烈,國企混合所有制改革,通貨膨脹等一系列挑戰(zhàn),我國的企業(yè)發(fā)展步履維艱。因此,企業(yè)投資不足和投資過度都十分常見。投資不足和投資過度統(tǒng)稱為非效率投資。非效率投資有很多嚴重的后果,它會損害利益相關(guān)者的利益,資源配置效率會降低,對于企業(yè)未來的發(fā)展起阻礙作用,甚至影響社會的發(fā)展進步。因此,急需針對非效率投資的改善做出研究,找到能制約非效率投資的因素。那么,這時就需要企業(yè)未雨綢繆,提前儲備財務(wù)柔性來應(yīng)對一系列挑戰(zhàn)。目前,我國企業(yè)對于財務(wù)柔性重視程度不夠,且我國針對財務(wù)柔性對非效率投資影響的研究起步較晚,相關(guān)文獻不多。本文期望通過從理論和實證分析的角度研究財務(wù)柔性對投資不足和投資過度之間的關(guān)系,希望能夠?qū)ξ覈髽I(yè)的未來發(fā)展有實際借鑒意義。本文選取2013年-2015年深圳證券交易所和上海證券交易所的主板上市公司為樣本。首先利用Richardson模型來度量非效率投資,然后構(gòu)建模型分別驗證財務(wù)柔性和投資不足的關(guān)系以及財務(wù)柔性和投資過度的關(guān)系。最后將國內(nèi)生產(chǎn)總值增長率和赫芬達爾-赫希曼指數(shù)作為調(diào)節(jié)變量納入考量范圍,進一步探討不同地區(qū)經(jīng)濟發(fā)展速度和不同行業(yè)競爭程度下財務(wù)柔性對于非效率投資的影響差異。本文主要得出以下研究結(jié)論:(1)我國企業(yè)雖然存在投資不足和投資過度的問題,但是整體投資不足和投資過度的程度都在逐年降低,表明我國企業(yè)開始意識到非效率投資的問題,在投資時已有所改變,在向效率投資靠攏,這是我國企業(yè)注重效率投資的良好開端。(2)企業(yè)基本有了運用財務(wù)柔性的意識,但是財務(wù)柔性普遍較低,超過一半企業(yè)的財務(wù)柔性小于平均水平。企業(yè)在財務(wù)柔性方面還有很大的改善空間,而且企業(yè)對于財務(wù)柔性的重視程度還不夠。(3)財務(wù)柔性與投資不足呈顯著負相關(guān);相對于地區(qū)經(jīng)濟發(fā)展速度快的企業(yè)來說,地區(qū)經(jīng)濟發(fā)展速度慢的企業(yè)的財務(wù)柔性對于投資不足的緩解作用更大;相對于行業(yè)競爭程度低的企業(yè)來說,行業(yè)競爭程度高的企業(yè)的財務(wù)柔性對于投資不足的緩解作用更大。(4)財務(wù)柔性與投資過度呈顯著正相關(guān);相對于地區(qū)經(jīng)濟發(fā)展速度慢的企業(yè)來說,地區(qū)經(jīng)濟發(fā)展速度快的企業(yè)的財務(wù)柔性對于投資過度的加劇作用更大;相對于行業(yè)競爭程度低的企業(yè)來說,行業(yè)競爭程度高的企業(yè)的財務(wù)柔性對于投資過度的加劇作用更大。
[Abstract]:Since the financial crisis broke out in 2008, the global economic environment is in turmoil. Especially the capital market of our country is not very perfect, coupled with the increasingly fierce competition of enterprises, the state-owned enterprises mixed ownership reform, inflation and a series of challenges, the development of enterprises in our country is very difficult. As a result, underinvestment and overinvestment are common. Insufficient investment and excessive investment are collectively referred to as inefficient investments. Non-efficiency investment has many serious consequences, it will damage the interests of stakeholders, the efficiency of resource allocation will be reduced, which will hinder the future development of enterprises, and even affect the development and progress of society. Therefore, it is urgent to study the improvement of non-efficiency investment and find out the factors that restrict the non-efficiency investment. At this time, enterprises need to prepare ahead of time, reserve financial flexibility in advance to meet a series of challenges. At present, enterprises in our country pay less attention to financial flexibility, and the research on the impact of financial flexibility on inefficient investment starts late, and there are few related documents. This paper hopes to study the relationship between financial flexibility and investment underinvestment and over-investment from the perspective of theoretical and empirical analysis, hoping to be of practical significance for the future development of Chinese enterprises. This paper selects the main board listed companies of Shenzhen Stock Exchange and Shanghai Stock Exchange from 2013 to 2015 as samples. Firstly, the Richardson model is used to measure the inefficient investment, and then the model is constructed to verify the relationship between financial flexibility and insufficient investment and the relationship between financial flexibility and excessive investment. Finally, the growth rate of GDP and the Herfindahl-Hirschmann index are taken into account as adjustment variables. The paper further discusses the influence of financial flexibility on inefficient investment in different regions under different economic development speed and competition degree of different industries. The main conclusions of this paper are as follows: (1) although Chinese enterprises have the problems of underinvestment and overinvestment, the degree of overall underinvestment and overinvestment is decreasing year by year, which indicates that Chinese enterprises are beginning to realize the problem of inefficient investment. It is a good beginning for Chinese enterprises to pay attention to efficiency investment. (2) the enterprises have the consciousness of using financial flexibility, but the financial flexibility is generally low. More than half of the enterprises have less than average financial flexibility. There is still a lot of room for improvement in financial flexibility, and the degree of attention to financial flexibility is not enough. (3) Financial flexibility is negatively correlated with insufficient investment; compared with enterprises with rapid regional economic development, The financial flexibility of enterprises with slow regional economic development has a greater impact on the alleviation of underinvestment; compared with enterprises with low competition in the industry, The financial flexibility of enterprises with high degree of industry competition is more important to alleviate the underinvestment. (4) Financial flexibility is positively correlated with excessive investment, compared with the enterprises with slow economic development in the region, The financial flexibility of the enterprises with rapid regional economic development has a greater effect on the excessive investment, and the financial flexibility of the enterprises with the high degree of industry competition has a greater effect on the excessive investment than the enterprises with low degree of industry competition.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51
[Abstract]:Since the financial crisis broke out in 2008, the global economic environment is in turmoil. Especially the capital market of our country is not very perfect, coupled with the increasingly fierce competition of enterprises, the state-owned enterprises mixed ownership reform, inflation and a series of challenges, the development of enterprises in our country is very difficult. As a result, underinvestment and overinvestment are common. Insufficient investment and excessive investment are collectively referred to as inefficient investments. Non-efficiency investment has many serious consequences, it will damage the interests of stakeholders, the efficiency of resource allocation will be reduced, which will hinder the future development of enterprises, and even affect the development and progress of society. Therefore, it is urgent to study the improvement of non-efficiency investment and find out the factors that restrict the non-efficiency investment. At this time, enterprises need to prepare ahead of time, reserve financial flexibility in advance to meet a series of challenges. At present, enterprises in our country pay less attention to financial flexibility, and the research on the impact of financial flexibility on inefficient investment starts late, and there are few related documents. This paper hopes to study the relationship between financial flexibility and investment underinvestment and over-investment from the perspective of theoretical and empirical analysis, hoping to be of practical significance for the future development of Chinese enterprises. This paper selects the main board listed companies of Shenzhen Stock Exchange and Shanghai Stock Exchange from 2013 to 2015 as samples. Firstly, the Richardson model is used to measure the inefficient investment, and then the model is constructed to verify the relationship between financial flexibility and insufficient investment and the relationship between financial flexibility and excessive investment. Finally, the growth rate of GDP and the Herfindahl-Hirschmann index are taken into account as adjustment variables. The paper further discusses the influence of financial flexibility on inefficient investment in different regions under different economic development speed and competition degree of different industries. The main conclusions of this paper are as follows: (1) although Chinese enterprises have the problems of underinvestment and overinvestment, the degree of overall underinvestment and overinvestment is decreasing year by year, which indicates that Chinese enterprises are beginning to realize the problem of inefficient investment. It is a good beginning for Chinese enterprises to pay attention to efficiency investment. (2) the enterprises have the consciousness of using financial flexibility, but the financial flexibility is generally low. More than half of the enterprises have less than average financial flexibility. There is still a lot of room for improvement in financial flexibility, and the degree of attention to financial flexibility is not enough. (3) Financial flexibility is negatively correlated with insufficient investment; compared with enterprises with rapid regional economic development, The financial flexibility of enterprises with slow regional economic development has a greater impact on the alleviation of underinvestment; compared with enterprises with low competition in the industry, The financial flexibility of enterprises with high degree of industry competition is more important to alleviate the underinvestment. (4) Financial flexibility is positively correlated with excessive investment, compared with the enterprises with slow economic development in the region, The financial flexibility of the enterprises with rapid regional economic development has a greater effect on the excessive investment, and the financial flexibility of the enterprises with the high degree of industry competition has a greater effect on the excessive investment than the enterprises with low degree of industry competition.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51
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