财务弹性与公司价值的关系

Relationship between Financial Flexibility and Firm' s Value

采用三分法对1200家样本公司依据财务弹性指数高低进行分类,分别检验不同财务弹性水平下财务弹性和公司价值的关系,得出结论:低、中财务弹性公司中,财务弹性与公司价值的存在因果关系,高财务弹性公司中,财务弹性与公司价值的因果关系没有通过检验,进一步对存在因果关系的公司进行回归分析,发现财务弹性与公司价值之间存在非线性关系,通过线性转换和OLS检验,发现财务弹性对公司价值有较明显的促进作用。

This paper first Uses the trichotomy to make the classify 1200 sample corporations according to the index level of financial flexibility, than tests the relationship between financial flexibility and firm＇s value in condition of different levels of financial flexibility, and finds that： （I） for the low and middle financial flexibility companies, the relationship between financial flexibility and firm＇s value is causality; （2） for the companies of high financial flexibility, the causal relationship between financial flexibility and firm＇s value did not pass the test. On this basis, a regression analysis is made of companies which have the causal relationship, which shows that there is a non-linear relationship between financial flexibility and firm＇s value. Finally, a conclusion is drawn that the financial flexibility plays a more significant role in promoting the company＇s value was found by a linear conversion and OLS inspection.