摘要
借鉴已有的研究成果,综合考虑现金指标、杠杆指标和外部融资成本指标三个方面,构建了财务弹性指数,阐明了财务弹性指数的具体计算方法。利用财务弹性指数对上市公司进行考察发现,我国上市公司的财务弹性指数整体偏低,且ST公司的财务弹性指数低于上市公司平均水平。对财务弹性指数的指标设计与结构合理性的检验表明,该指数的信度和效度令人满意。
Based on previous research,this paper sets up a set of index consisting of cash,leverage and exterior financing cost for measuring corporate financial flexibility and introduces its calculation in detail.After examining the listed companies with the index,we find that the financial flexibility of Chinese listed companies is low,and that the financial flexibility of those under special treatment are much lower the average level.The testing result of financial flexibility index shows the reliability and validity of the proposed index.
出处
《系统工程》
CSSCI
CSCD
北大核心
2010年第10期61-66,共6页
Systems Engineering
基金
中国石油大学(北京)基础学科研究基金资助项目(JCXK-2010-04)
关键词
财务弹性
指数
现金
杠杆
Financial Flexibility
Index
Cash
Leverage
