财务柔性、公司治理水平与过度投资

Financial Flexibility,the Level of Corporate Governance and Over-investment

利用2009年~2014年我国资本市场A股上市公司的数据,笔者借助Richardson（2006）过度投资模型,从整体上研究财务柔性与过度投资的关系;通过引进公司治理水平变量,根据公司治理水平要素构建公司治理水平指数,并以此为依据对公司治理水平进行分组,研究不同公司治理水平下财务柔性与过度投资的相关关系。研究发现：财务柔性与过度投资存在显著的正相关关系,即公司财务柔性越高,越倾向于过度投资;有效的公司治理能够降低财务柔性对过度投资的加剧作用,即公司治理水平越高,财务柔性对过度投资的加剧作用越小。

Using the data of China＇s A-share listed company during 2009-2014 in the capital market,this paper analyzes the influence of the financial flexibility of over-investment as a whole with the Richardson（ 2006） over-investment model. In addition,through the introduction of corporate governance variables and the construction of corporate governance index according to the level of corporate governance elements,the corporate governance will be divided into different groups according to the corporate Governance Index. The paper also studies the influence of the financial flexibility to over-investment at different levels of corporate governance. The result shows that company＇s financial flexibility has a significant impact on the over-investment. The company that has the higher financial flexibility tends to have over-investment; the high level of the corporate governance can reduce the enhancement of the financial flexibility to overinvestment,this the higher is the level of corporate governance,the lower is the effect of the financial flexibility to over-investment.