财务柔性、公司治理水平与过度投资

摘要利用2009年～2014年我国资本市场A股上市公司的数据,笔者借助Richardson(2006)过度投资模型,从整体上研究财务柔性与过度投资的关系;通过引进公司治理水平变量,根据公司治理水平要素构建公司治理水平指数,并以此为依据对公司治理水平进行分组,研究不同公司治理水平下财务柔性与过度投资的相关关系。研究发现财务柔性与过度投资存在显著的正相关关系,即公司财务柔性越高,越倾向于过度投资;有效的公司治理能够降低财务柔性对过度投资的加剧作用,即公司治理水平越高,财务柔性对过度投资的加剧作用越小。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	王满
	沙秀娟
	田旻昊

关键词：财务柔性过度投资公司治理水平

Abstract： Using the data of China’s A-share listed company during 2009-2014 in the capital market, this paper analyzes the influence of the financial flexibility of over-investment as a whole with the Richardson (2006) over-investment model. In addition, through the introduction of corporate governance variables and the construction of corporate governance index according to the level of corporate governance elements, the corporate governance will be divided into different groups according to the corporate Governance Index. The paper also studies the influence of the financial flexibility to over-investment at different levels of corporate governance. The result shows that company's financial flexibility has a significant impact on the over-investment. The company that has the higher financial flexibility tends to have over-investment; the high level of the corporate governance can reduce the enhancement of the financial flexibility to overinvestment, this the higher is the level of corporate governance, the lower is the effect of the financial flexibility to over-investment.

Keywords： Financial Flexibility Over-investment Level of Corporate Governance

收稿日期 2016-12-30; 接受日期 2016-12-30;

基金资助:国家社会科学基金项目(15BGL058);辽宁省教育厅人文社会科学基金项目(ZJ2015014);财政部全国会计科研课题(2015KJB012)

作者简介: 王满(1962-),女,辽宁沈阳人,教授,博士生导师,主要从事财务管理和战略管理会计研究;沙秀娟(1986-),女,辽宁营口人,博士研究生,主要从事财务管理研究;田旻昊(1986-),男,辽宁沈阳人,博士,主要从事财务柔性研究。

引用本文:

王满,沙秀娟,田旻昊.财务柔性、公司治理水平与过度投资[J]. 经济经纬, 2016,6: 102-106

WANG Man, SHA Xiu-juan, TIAN Min-hao.Financial Flexibility, the Level of Corporate Governance and Over-investment [J] Economic Survey, 2016,V33(6): 102-106

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2016/V33/I6/102