我国公司财务弹性与公司价值的研究——来自食品类上市公司的经验数据

本文在已有的研究的基础上,通过理论分析构建财务弹性指数构建的可能性,并对食品类上市公司构建了一个多维的财务弹性指标体系,通过对上述方法得出的财务弹性指数与公司价值进行多元回归分析,进一步探究财务弹性与公司价值之间的关系.研究表明,食品类上市公司财务弹性指数整体偏低,通过对财务弹性指数进行多元回归发现,财务弹性指数与公司价值呈正相关,保持有效的财务弹性水平有利于公司价值的提升.

Research on the Financial Flexibility and Corporate Value： From the Empirical Data of Listed Companies of the Food Industry

Based on existing research, through the theoretical analysis of the possibility to construct the financial flexibility index, building a multi-dimensional financial flexibility index system of listed food companies, this paper use the financial flex- ibility index derived from the above-mentioned methods to conduct multivariate regression analysis with the corporate value, and to further explore the relationship between the financial flexibility and the corporate value. Studies have shown that foods listed companies generally have low financial flexibility index. Through multiple regression analysis to financial flexibility index we find that the financial flexibility index was positively correlated with the corporate value, maintaining an effective level of financial flexibility helps to enhance the corporate value.