金融危机、财务弹性与企业投资

基于现金持有量和财务杠杆的视角,研究财务弹性对企业投资行为的影响,并进一步探讨金融危机下财务弹性对企业投资的影响。实证结果表明,企业财务弹性与企业投资成正相关;企业投资对现金弹性的依赖较小,对负债融资弹性依赖较大;与正常经营时期相比,危机时期下财务弹性对企业投资的影响更显著。

Financial Crisis, Financial Flexibility and Corporate Investment

This paper empirically examines the influence of financial flexibility which is based on cash holdings and financial leverage on investment, and further demonstrates the effect under financial crisis period and normal business operation period. It shows that, generally, firms that are financially flexible have greater ability to take investment opportunities, rely much more on the availability of spare debt capacity, less on internal funds to invest. And the positive effect of financial flexibility on investment becomes significantly stronger under financial crisis period than situation under normal business operation period.