摘要
通过采集2012-2018年沪深A股上市公司数据,对融资约束、投资效率与企业绩效的互动关系进行实证建模,发现:融资约束程度越高,越容易制约企业投资效率有效性;优化投资效率、趋向财务投资均衡状态可提高企业绩效,而投资不足或过度都会降低绩效;投资效率不同的企业,融资约束对企业业绩的影响程度不同——相比于高投资效率企业,低投资效率企业的融资约束对企业绩效的负向影响程度更显著。据此,从“财务投资均衡”角度提出缓解融资约束、提高投资效率的若干措施,以实现企业财务可持续增长。
Taking Ashare listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2018 as samples,an empirical study on the relationship between financial constraints,investment efficiency and corporate performance is conducted.It is found that the degree of financial constraint is negatively correlated with the investment efficiency of enterprises,that is,the higher the degree of financial constraint is,the lower the investment efficiency of enterprises is.Investment efficiency is positively correlated with enterprise performance.For enterprises with different investment efficiency,the impact of financial constraint on enterprise performance is different.Compared with enterprises with high investment efficiency,the financial constraint degree of enterprises with low investment efficiency has a greater negative impact on enterprise performance.Based on the theory of financial balance,this paper suggests some approaches to deal with financial constraints and investment efficiency.
作者
张力派
莫一帆
夏西强
卜令通
Zhang Lipai;Mo Yifan;Xia Xiqiang;Pu Lingtong(School of Business and Management,Shanghai International Studies University,Shanghai 201620,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China;School of Business,Zhengzhou University,Zhengzhou 450000 China;School of Business,Nanjing University,Nanjing 210000,China)
出处
《技术经济》
CSSCI
北大核心
2020年第12期51-60,共10页
Journal of Technology Economics
基金
国家自然科学基金项目重点项目“领军企业创新链的组织架构与协同管理”(71732002)
国家自然科学基金重点项目“变革环境下的组织变革及其管理研究”(71832006)。
关键词
融资约束
企业绩效
投资效率
财务投资均衡
listed company
financial constraints
financial balance
enterprise performance
investment efficiency
