基于生命周期的财务弹性对投资效率的影响研究

Research on Impacts of Lifecycle-Based Financial Resilience on Investment Efficiency

随着市场竞争的不断激烈,企业对投资效率的追求更加迫切,财务弹性在企业应对投资过程中发生的不可预测的事件时起到至关重要的作用。本文以2015-2017年1089家沪深两市A股上市制造企业作为研究对象,并以企业生命周期理论作为基础进行研究。将所选样本企业的生命周期划分为成长期、成熟期和衰退期,借鉴Richardson投资期望模型来度量企业投资效率的程度,运用主成分分析法计算得到财务弹性综合指数来衡量企业的财务弹性水平,通过构建多元线性回归模型来研究不同生命周期企业的财务弹性对投资效率的影响。

Along with the increasingly fierce competitions in the market,the companies are eager to achieve higher investmentefficiency,so financial resiliencehas played an important role incoping with the unpredicted eventsin the investment process.With the 1089 A-share listed manufacturingcompanies in Shanghai and Shenzhen stock markets from 2015 to 2017 as the research sample,this article uses the Enterprise Life Cycle Theoryto conduct relevant research.It divides the lifecycles of the selected sample companies into the growth stage,mature stage and decline stageand employs the Richardson Investment Expectation Modelto measure the investmentefficiency of the companies;it also uses the Principal Component Analysis method tofigure out a composite financial resilience index toevaluate the level of financialresilience of the companies and then buildsa Multivariate Linear Regression Modelto study the impacts of the financialresilience of companiesin different life cycleson the investmentefficiency.