财务柔性与环境不确定条件下的非效率投资——来自民营上市公司的经验数据

On Financial Flexibility and Inefficient Investment under Uncertain Condition: Based on Empirical Data from Chinese Private Listed Companies

文章以2007-2013年我国民营上市公司为研究对象,考察了环境不确定性对民营上市公司投资行为的影响,并重点研究了财务柔性对这一相关关系的影响机制和作用效果。研究发现,环境不确定性对投资效率有负面影响。进一步研究表明,财务柔性能够有效抑制环境不确定对投资不足的正向影响,但过高的财务柔性会带来代理问题,一定程度上会助涨投资过度。从综合效果来看,财务柔性高的企业在不确定环境下的投资效率要高于财务柔性低的企业。

Based on the data of Chinese private listed companies from 2007 to 2013, with which the correla- tivity between the financial flexibility and the investment behavior of private listed companies under the uncer- tain condition is observed and studied. It finds that there exist negative effects of the uncertain condition onto the investment efficiency. And the financial flexibility can effectively suppress the positive influence of the un- certain condition on the undercapitalization, however, if the financial flexibility is too large, it will bring a problem of the agency, which will, to some extent, cause a problem of overcapitalization. On the whole, the investment efficiency of the company with a larger financial flexibility is higher than those with smaller finan- cial flexibility under the uncertain condition.