本文關(guān)鍵詞： 財(cái)務(wù)柔性 公司價(jià)值 環(huán)境不確定性 產(chǎn)權(quán)性質(zhì)　出處：《沈陽(yáng)工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：世界經(jīng)濟(jì)迅猛發(fā)展,我國(guó)又正處在經(jīng)濟(jì)轉(zhuǎn)型的關(guān)鍵時(shí)期,快速發(fā)展的經(jīng)濟(jì)形勢(shì)使公司的經(jīng)營(yíng)環(huán)境面臨著越來越大的不確定性,也為公司的財(cái)務(wù)管理工作帶來更多的挑戰(zhàn)。尤其是在2008年爆發(fā)全球金融危機(jī)后,許多公司最終因資金鏈斷裂未能在危機(jī)中幸免,財(cái)務(wù)柔性逐漸引起了越來越多的公司管理層和學(xué)者的關(guān)注。公司為應(yīng)對(duì)日益嚴(yán)峻的經(jīng)濟(jì)形勢(shì),就需要改變經(jīng)營(yíng)管理理念,實(shí)現(xiàn)從“剛性”到“柔性”的思維轉(zhuǎn)變,以便提高自身抵抗風(fēng)險(xiǎn)、把握非預(yù)期的投資機(jī)會(huì)的能力。公司儲(chǔ)備一定的財(cái)務(wù)柔性,無(wú)論是對(duì)緩解不利沖擊還是對(duì)提升公司價(jià)值都具有積極的作用。然而,國(guó)內(nèi)對(duì)財(cái)務(wù)柔性的相關(guān)研究起步較晚,研究尚不深入,還存在較大的空間值得我們進(jìn)行進(jìn)一步探索。本文以2011-2015年我國(guó)滬深A(yù)股上市公司的共7517個(gè)財(cái)務(wù)數(shù)據(jù)為研究樣本,實(shí)證檢驗(yàn)了財(cái)務(wù)柔性與公司價(jià)值之間的相關(guān)關(guān)系,并考察了環(huán)境不確定性因素和產(chǎn)權(quán)性質(zhì)因素對(duì)二者關(guān)系的影響。本文首先對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行了系統(tǒng)地梳理,回顧并分析了相關(guān)理論,在綜合分析了財(cái)務(wù)柔性對(duì)公司價(jià)值的作用機(jī)理的基礎(chǔ)上,進(jìn)而提出本文的研究假設(shè),最后運(yùn)用多元回歸的方法對(duì)財(cái)務(wù)柔性與公司價(jià)值的關(guān)系進(jìn)行了實(shí)證檢驗(yàn)。實(shí)證結(jié)果表明:1)我國(guó)上市公司目前的財(cái)務(wù)柔性水平普遍偏低,國(guó)有上市公司的財(cái)務(wù)柔性水平更低;2)公司儲(chǔ)備財(cái)務(wù)柔性有利于提升其公司價(jià)值,但隨著財(cái)務(wù)柔性的不斷增大,由管理者的自利行為而產(chǎn)生的代理效應(yīng)會(huì)在一定程度上削弱財(cái)務(wù)柔性對(duì)公司價(jià)值的提升作用,二者呈現(xiàn)出倒U型關(guān)系;3)公司所處環(huán)境不確定性越大時(shí),其儲(chǔ)備的財(cái)務(wù)柔性對(duì)公司價(jià)值的提升效果越明顯;4)與國(guó)有上市公司相比,非國(guó)有上市公司儲(chǔ)備財(cái)務(wù)柔性對(duì)公司價(jià)值的提升作用更大,且當(dāng)財(cái)務(wù)柔性水平不斷提高時(shí),國(guó)有上市公司比非國(guó)有上市公司產(chǎn)生更為顯著的代理效應(yīng)�；谘芯拷Y(jié)論,本文建議我國(guó)企業(yè)要適量?jī)?chǔ)備財(cái)務(wù)柔性,并強(qiáng)化公司治理水平以確保其對(duì)財(cái)務(wù)柔性的積極作用得到有效發(fā)揮,企業(yè)還應(yīng)當(dāng)關(guān)注自身競(jìng)爭(zhēng)能力的提高,妥善應(yīng)對(duì)日益增大的不確定性。同時(shí),政府及相關(guān)部門應(yīng)加快發(fā)展資本市場(chǎng),拓寬企業(yè)的融資渠道,從根本上降低企業(yè)的融資成本。
[Abstract]:With the rapid development of the world economy and the critical period of economic transformation in China, the rapid development of the economy makes the business environment of the company face more and more uncertainty. It also poses more challenges to the financial management of companies, especially after the global financial crisis broke out in 2008, and many companies eventually failed to survive the financial crisis due to a break in the financial chain. In order to cope with the increasingly severe economic situation, the company needs to change its management concept and realize the change of thinking from "rigidity" to "flexibility". In order to improve their ability to resist risks and grasp unexpected investment opportunities. The company reserves a certain amount of financial flexibility, both to mitigate adverse impacts and to enhance the value of the company has a positive effect. Domestic research on financial flexibility started relatively late, the research is not deep, and there is still much room for us to further explore. This paper takes a total of 7517 financial data of Shanghai and Shenzhen A-share listed companies in China from 2011-2015 as the research sample. This paper empirically examines the correlation between financial flexibility and corporate value, and examines the influence of environmental uncertainty and property right on the relationship. Firstly, this paper systematically combs the relevant literature at home and abroad. This paper reviews and analyzes the relevant theories, on the basis of synthetically analyzing the function mechanism of financial flexibility to the company value, and then puts forward the research hypotheses of this paper. Finally, the relationship between financial flexibility and corporate value is tested by using the method of multiple regression. The empirical results show that the current level of financial flexibility of listed companies in China is generally low. The level of financial flexibility of state-owned listed companies is even lower. (2) the reserve financial flexibility of state-owned listed companies is conducive to enhancing the value of their companies, but with the increasing of financial flexibility, The agency effect caused by the self-interest behavior of managers will weaken the role of financial flexibility to enhance the value of the company to a certain extent. Compared with the state-owned listed companies, the financial flexibility of the non-state-owned listed companies has a greater effect on the promotion of corporate value, and when the level of financial flexibility continues to improve, The agency effect of state-owned listed companies is more significant than that of non-state-owned listed companies. Based on the conclusion of the research, this paper suggests that Chinese enterprises should reserve adequate amount of financial flexibility. And strengthen the level of corporate governance to ensure that its positive role in financial flexibility is effectively brought into play, enterprises should also pay attention to the improvement of their own competitiveness, properly deal with the increasing uncertainty, at the same time, The government and related departments should speed up the development of capital market, broaden the financing channels of enterprises, and fundamentally reduce the financing costs of enterprises.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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