企业投资决策与财务风险的动态关系——基于外贸型上市公司的实证研究

The Dynamic Relationships between Investment Decision and Financial Risks of Enterprises——Empirical Study Based on Foreign Trade Listed Companies

以中国外贸上市公司为样本,从投资决策与财务风险动态关系角度,实证检验了外贸公司投资决策的效率水平。结果发现:在总体样本下,公司财务风险会对投资支出产生显著抑制作用,但投资并不会降低公司财务风险,从而说明公司投资效果并不好;在高成长情形下,公司不会因为财务风险的影响产生投资不足问题,但在低成长情形下,由于财务风险不会显著降低公司投资水平,并且投资支出还会对财务风险产生促进作用,因此表明公司存在过度投资现象。

By taking China＇ s foreign trade listed companies as research objects, an empirical test is made on the decision - making efficiency of foreign trade companies from the perspective of the dynamic relations between investment decision and financial risks. Results show that within the total sample, corporate financial risks may have significant restraint effect on investment expendi- ture, but investment will not decrease the financial risks of companies. This means the investment effect of the company is bad; foreign trade firms with high growth opportunities have no problems in getting investment due to financial risks, and those with low growth opportunities may have over investment problem because financial risks will not significantly lower the investment level of a company, and investment expenditure may promote financial risks.