财务松弛对公司业绩的影响研究——基于融资约束和代理成本的视角被引量：27

Research on the Influence of Financial Slack on Business Performance——Based on Financing Constraints and Agency Costs

下载PDF

导出

摘要财务松弛政策由现金持有政策和负债冗余政策组成。文章以我国1998-2007年的上市公司为实证研究对象分析财务松弛对企业绩效的影响,并进一步分析代理成本和融资约束对财务松弛经济后果的影响。研究发现财务松弛和企业业绩正相关,融资约束进一步提升了企业财务松弛的价值,对财务松弛-业绩敏感性产生显著正向影响,代理成本对财务松弛-业绩敏感性的负向影响只在非融资约束的情况下较为明显。 Financial slack policy concerns both cash holding and debt capacity decisions. Using a large sample of Chinese listed companies over the period of 1998-2007, this paper provides evidence about the influence of financial slack on the firms＇ performance. Our results show that financial slack positively influences the performance of firms, and financing constraints enhance the value of financial slack and positively affect the financial slack-performance sensitivity, while the negative influence of agency costs on financial slack-performance sensitivity is only found in the companies without financing constraints.

作者毕晓方姜宝强

机构地区天津财经大学商学院南开大学商学院

出处《商业经济与管理》 CSSCI 北大核心 2010年第4期83-90,共8页 Journal of Business Economics

基金国家自然科学基金项目资助(70872082 70940010) 天津市财政局重点会计科研项目(kjkyxm090401)资助

关键词财务松驰负债冗余融资约束代理成本 financial slack debt capacity financing constraints agency costs

分类号 F234.4 [经济管理—会计学]

引文网络
相关文献

参考文献20

1CYERT RICHARD M,JAMES G March.A Behavioral Theory of the Firm[M].Englewood Cliffs,NJ:Prentice-Hall.1963.
2BOURGEOIS L J.On the Measurement of Organizational Slack[J].Academy of Management Review,1981 (6):29-39.
3ALAN D MEYER.Adapting to Environmentjolts[J].Administrative Science Quarterly,1982 (3):27-51.
4MYERS S C,MAJLUF N S.Corporate Financing and Investment Decisions when Firms have Information that Investors do not Have[J].Journal of Financial Economics,1984 (13):187 -221.
5PINKOWITZ L,STULZ R,WILLIAMSON R.Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-country Analysis[J].The Journal of Finance,2006 (6):2725-2751.
6HARFORD J.Corporate Cash Reserves and Acquisitions[J].Journal of Finance,1999(54):1969-1997.
7FAULKENDER M,WANG R.Corporate Financial Policy and the Value of Cash[J].Journal of Finance,2006 (61):1957-1990.
8杨兴全,张照南.制度背景、股权性质与公司持有现金价值[J].经济研究,2008,43(12):111-123. 被引量：156
9姜宝强,毕晓方.超额现金持有与企业价值的关系探析——基于代理成本的视角[J].经济与管理研究,2006,27(12):49-55. 被引量：26
10BRUNER R F.The Use of Excess Cash and Debt Capacity as a Motive for Merger[J].The Journal of Financial and Quantitative Analysis,1988,23 (2):199-217.