论文部分内容阅读
财务弹性对企业非效率投资具有重要影响。由于信息不对称,企业内部超额的现金持有和过度保留的负债能力会增加企业的代理成本,而企业代理成本是影响企业非效率投资的重要因素。利用我国沪深A股非金融上市企业2003~2013年的数据,构建财务弹性指数,并借鉴Richardson残差模型对我国上市企业的投资效率进行估计,结果表明,企业的财务弹性与非效率投资存在显著的正相关关系,且主要表现为财务弹性加剧了企业的过度投资。研究结论可为企业的财务决策提供新的启示。
Financial flexibility has an important impact on inefficient investment in enterprises. Due to the asymmetric information, the excess internal cash holding and over-retained liability capability in an enterprise can increase the agency cost of an enterprise, and the agency cost of an enterprise is an important factor that affects the inefficient investment of an enterprise. Using the data of China’s A-share non-financial listed companies in Shanghai from 2003 to 2013, we construct the financial elasticity index and use the Richardson residual model to estimate the investment efficiency of Chinese listed companies. The results show that the existence of financial flexibility and inefficient investment Significant positive correlation, and the main performance of financial flexibility exacerbated the over-investment of enterprises. The conclusions can provide new inspiration for the financial decision-making of enterprises.