金融危机、财务弹性与企业价值——基于融资约束视角

Financial Crisis,Financial Flexibility and Firm Value——Based on the Perspective of Financing Constraints

环境不确定性是客观存在的,其既源于国际环境的变化,如经济全球化和我国WTO的加入,也源于国内环境的变化,如我国经济体制改革、宏观政策调整、技术进步以及信息化步伐加快等,这些不确定性对我国企业的经营活动产生了重要影响。本文将金融危机视为不确定环境的极端表现,选取2005～2017年沪深A股主板上市公司为样本,实证研究了金融危机、财务弹性与企业价值的关系。研究结果表明:财务弹性对企业价值具有显著促进作用;金融危机爆发给企业价值带来显著负面冲击;财务弹性对金融危机冲击造成的企业价值下降具有显著的缓冲作用。进一步分析表明,不同产权性质、不同规模的企业在金融危机冲击下财务弹性价值效应存在差异,民营企业、中小企业在应对金融危机带来的企业价值下降的负面冲击中表现出更为显著的作用。

Environmental uncertainty exists objectively.On the one hand,it is caused by changes in the international environment,such as economic globalization and China's accession to the WTO;on the other hand,it is caused by changes in the domestic environment,such as the reform of China's economic system,adjustment of macro-policies,technological progress and accelerated pace of informatization.These uncertainties have an important impact on the business activities of Chinese enterprises.This paper takes the financial crisis as an extreme manifestation of the uncertain environment,and selects the A-share listed companies in Shanghai and Shenzhen from 2005 to 2017 as samples to empirically study the relationship between the financial crisis,financial resilience and enterprise value.The results show that:financial flexibility has a significant role in promoting enterprise value;the outbreak of financial crisis has brought significant negative impact on enterprise value.Financial flexibility has a significant cushioning effect on the decline of enterprise value caused by the impact of financial crisis.Further analysis shows that enterprises with different property rights and different scales have different financial elastic value effects under the impact of the financial crisis,and private enterprises and small and medium-sized enterprises play a more significant role in coping with the negative impact of the financial crisis on the decline of enterprise value.