摘要
从财务弹性的视角,研究中国上市公司的非效率投资问题。通过构建财务弹性指数来测算公司的财务弹性情况,并以Richardson的残差度量模型来测算公司的非效率投资情况。研究发现:高财务弹性公司更容易出现投资过度问题;公司在财务弹性处于极高或极低水平时更经常表现为投资不足;财务弹性对公司的非效率投资行为存在一定的制约作用,财务弹性较低的公司会更加审慎地进行投资。
Ineffective investment in Chinese listed companies is studied from the point of financial flexibility.Financial flexibility index and Richardson＇s residual model are used to measure the relation between financial flexibility and ineffective investment.The results show that problems of investment excessive often arise in listed companies with higher financial flexibility and problems of insufficient investment often arise in listed companies with extremely high or low financial flexibility.In addition,companies with lower financial flexibility invest prudently which implies ineffective investment is restricted by financial flexibility in some degree.
出处
《财贸研究》
CSSCI
2011年第2期144-148,共5页
Finance and Trade Research
关键词
非效率投资
财务弹性
财务弹性指数
ineffective investment
financial flexibility
financial flexibility index
