财务柔性对企业价值的影响——基于饲料类上市企业经验数据分析

The effect of financial flexibility on enterprise value——Based on empirical data analysis of feed listed enterprises

为了使饲料企业在面对频繁变动的外部经营环境时能够通过储存财务柔性增强自身的环境适应能力,减轻外部环境变动对企业价值的负面影响,笔者基于我国2000—2016年饲料类上市企业组成的非平衡面板数据,利用固定效应模型对财务柔性与企业价值的关系进行了实证研究和回归分析。结果表明：财务柔性储备能够促进企业价值的提升;负债融资柔性对企业价值的影响正向显著,但现金柔性对企业价值并无显著影响。因此建议饲料类企业通过提升负债融资柔性来储备财务柔性。

In order to enable feed enterprises to enhance their environmental adaptability through financial flexibility in the face of frequent changes in the external operating environment, and to reduce negative impact of external environment changes on enterprise value, based on the nonbalanced panel data of feed listed enterprises in China from 2000 to 2016,fixed effect model was used in this paper to carry out empirical research and regression analysis on the relationship between financial flexibility and enterprise value. The results showed that financial flexible reserve could promote enterprise value, and the influence of debt financing flexibility on enterprise value is positive and significant, but cash flexibility has no significant effect on enterprise value. Therefore,it was suggested that feed enterprises could reserve financial flexibility through the improvement of debt financing flexibility.