外部环境与企业财务保守行为

基于代理理论和战略管理理论融合的观点,我们对企业外部环境与其财务保守行为之间的关系进行了理论分析和实证检验。实证研究结果表明,我国上市公司的财务政策与其外部环境存在明显不匹配的现象。表现为越是在动态环境、市场竞争激烈的行业,上市公司负债比率越高;越是环境稳定、市场竞争程度低的行业,上市公司的财务政策倾向保守。外部环境的变化和公司所处行业的竞争状况并不能合理解释我国上市公司的财务保守行为。企业的内源融资能力和我国的再融资政策也许是我国上市公司财务保守行为的重要原因。

External Environment and Financial Conservatism

From the view of integrating agency theory and strategic management theory,the paper analyzes the relationship between a firm's external environment and its financial conservatism.The empirical results show that the financial policies of the Chinese listed companies mismatched their external environments.Companies in the industry with more dynamic environment and higher competition use higher debt ratio;however,those in the industry with more stable environment and lower competition tend to adopt more conservative financial policies.So the dynamic changes of the external environment and the market competiton of an industry the companies acting in can not reasonably explain a firm's financial conservatism in our listed companies.An important reason for the conservative financial policy adopted by Chinese listed companies could be due to their intrinsic financing capability as well as the refinancing policy in China.