金融发展水平与融资约束对企业财务柔性影响研究——基于2012-2018年上市公司数据的分析

Research on the Impact of Financial Development Level and Financing Constraints on Corporate Financial Flexibility——Analysis based on data of listed companies from 2012 to 2018

企业财务柔性水平反映了企业应对外部环境风险的能力。为进一步研究企业财务柔性水平的影响因素,本文基于2012-2018年度我国A股上市公司为研究样本,实证检验了融资约束对财务柔性的影响,并进一步检验了金融发展水平与融资约束对财务柔性的调节作用。研究发现:(1)融资约束程度显著影响财务柔性;融资约束程度越大,企业相应财务柔性水平越大;(2)金融发展水平不同的地区,融资约束对上市公司财务柔性的影响存在显著差异。具体来说,在金融发展水平高的地区,融资约束程度对企业财务柔性没有显著影响;金融发展水平低的地区,融资约束程度显著影响企业财务柔性。

The level of corporate financial flexibility reflects the company’s ability to respond to external environmental risks.In order to further study the influencing factors of corporate financial flexibility,based on the2012-2018 China A-share listed companies as a research sample,this paper empirically tests the impact of financing constraints on financial flexibility,and further tests the level of financial development and financing constraints on financial flexibility.Regulatory effect.The research finds that:(1)the degree of financing constraints significantly affects financial flexibility;the greater the degree of financing constraints,the greater the corresponding financial flexibility of the enterprise;(2)the regions with different levels of financial development have significant differences in the impact of financing constraints on the financial flexibility of listed companies.Specifically,in regions with high levels of financial development,the degree of financing constraints does not have a significant impact on corporate financial flexibility;in regions with low levels of financial development,the degree of financial constraints significantly affects corporate financial flexibility.