童红霞

摘 要：随着我国经济进入新常态后，资本市场中的环境不确定性越来越突出，上市公司需要保持一定的财务柔性应对风险，把握投资机会，提升企业价值。本文以2011～2018年上市公司数据为样本，对财务柔性、非效率投资对企业价值的影响进行研究。研究结果发现：财务柔性能够有效减缓市场不利因素对企业财务带来的冲击，显著提升企业价值;财务柔性对非效率投资具有双刃剑效应，既能通过缓解融资约束解决企业的投资不足，又能够通过加剧代理问题导致投资过度;非效率投资在财务柔性与企业价值关系间起到了中介作用。同时，当环境不确定性较高时，财务柔性越有助于企业价值的提升;而当环境不确定性较低时，财务柔性对企业价值的促进作用减弱。关键词：财务柔性;非效率投资;企业价值;环境不确定性

中图分类号：F275文献标识码：A文章编号：1003-5192（2021）01-0031-07doi：10.11847/fj.40.1.31

Abstract：With China’s economy entering into the new normal， environmental uncertainty in the capital market is becoming more and more prominent. Listed companies need to maintain financial flexibility to cope with risks， grasp investment opportunities and enhance enterprise value. Based on the data of listed companies from 2011 to 2018， this paper studies the impact of financial flexibility and inefficient investment on enterprise value. The results show that： financial flexibility can effectively reduce the impact of market adverse factors on corporate finance， and significantly enhance the enterprise value. Financial flexibility has a double-edged sword effect on inefficient investment， which can not only solve the problem of under investment by easing financing constraints， but also lead to over investment by aggravating agency problems. Inefficient investment plays an intermediary role between financial flexibility and enterprise value. At the same time， when the environmental uncertainty is high， financial flexibility is more conducive to the promotion of enterprise value; when the environmental uncertainty is low， the promotion effect of financial flexibility on enterprise value is weakened.

Key words：financial flexibility; inefficient investment; enterprise value; environmental uncertainty

1 引言

当前我国经济正发生着深刻的变革，经济发展正由要素驱动、投资驱动逐渐向创新驱动转变，“内涵式”发展成为企业发展的主基调。此外，随着我国“经济新常态”发展的逐步加深，企业在市场中所面临的环境不确定性日益增加。作为企业一项重要的冗余资源，财务柔性在市场环境日益不确定的背景下愈发受到企业的重视。组织伦理学派的观点认为，冗余资源能够给企业带来更高的自由度，使企业可以更加从容地应对市场动态环境的挑战，从而提升自身价值水平。……