摘要
重构企业生命周期划分方法,以2011—2016年A股上市公司为样本,基于生命周期探讨财务弹性对产品市场竞争优势的影响。研究发现:财务弹性与产品市场竞争优势正相关;不同生命周期阶段,企业财务弹性不尽相同,随着生命周期阶段的演进,企业超额现金持有水平与剩余负债能力均不断提高;在不同的生命周期阶段,企业超额现金持有和剩余负债能力对产品市场竞争优势的影响有所差异,超额现金持有在成长期的影响更大,剩余负债能力在成熟期的影响更大。
With the sample of A share listed companies in 2011-2016,this paper discusses the influence of financial flexibility on the product-market competitive advantage based on the life cycle. The results show that financial flexibility is positively related to the product-market competitive advantage. With the evolution of the life cycle stage,the excess cash holding level and the residual debt ability of the enterprise are improved continuously; in the different life cycle stage,the financial flexibility of the enterprise is different,and the excess cash holding level and the residual debt ability of the enterprise are improved continuously in the different life cycle stage. The influence of excess cash holdings and residual debt ability on the product-market competitive advantage is different. The influence of excess cash holding is greater in the growing period,the effect of residual debt capacity on maturity is greater.
作者
朱文莉
王奥运
ZHU Wen - li1,2 ,WANG Ao -yun1(1. Shaanxi University of Science ＆ Technology, Xi＇an 710021, China; 2. Shaanxi Research Center of Development Strategy for Light Industry, Xi＇an 710021, Chin)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2018年第4期90-101,共12页
Journal of Harbin University of Commerce:Social Science Edition
基金
陕西省教育厅哲学社会科学重点研究基地项目"自贸区建设视域下的陕西科技金融发展研究"(17JZ015)
关键词
企业生命周期
财务弹性
产品市场竞争优势
超额现金持有
剩余负债能力
enterprise Life cycle
financial elasticity
product- market competitive advantage
excess Cash holdings
residual debt capacity
