环境不确定性和财务柔性与企业价值
摘 要
在当今风云变幻的全球化时代背景下,不确定性是企业面临的基本环境特征。这一特征一方面来自于国际资本市场的不确定性,如美国的次贷危机和欧洲的主权债务危机。同时全球范围内的科学与技术的进步在为企业带来利益的同时,也为生产经营带来了更大的风险。另一方面,随着我国改革开放的深入进行,中国的经济转型、政府职能转变以及环境保护等问题也都在潜移默化地影响着企业的决策。本文以我国上市公司普遍面临的环境不确定性这一特征作为切入点，以2009——2013年沪深两市上市公司为样本，实证检验了财务柔性与环境不确定性的交互作用对企业价值的影响。研究表明：财务柔性能够显著提升上市公司的企业价值，即企业可以通过在前期储备财务柔性来提高企业价值；考虑企业面对的环境不确定性，当企业面临的环境不确定性越大时，财务柔性对企业价值的提升作用也越大；针对不同产权性质的上市企业进行研究发现，与国有企业相比，非国有企业面临的环境不确定性越大时，其储备的财务柔性对企业价值的提升作用更大。
关键词：环境不确定性，财务柔性，企业价值
The environment uncertainty and financial flexibility and enterprise value
ABSTRACT
In today’s ever-changing global era background, uncertainty is the basic environmental characteristics of enterprises. On the one hand, it comes from the uncertainty of the international capital market, such as the subprime mortgage crisis in the United States and the sovereign debt crisis in europe. At the same time, the progress of science and technology in the global scope brings benefits to the enterprise, but also brings greater risk to the production and operation. On the other hand, with the deepening of China’s reform and opening up, China’s economic transformation, the transformation of government functions and environmental protection are also affecting the decision-making of enterprises. Based on the listed companies in China generally face the environmental uncertainty of this feature as a starting point, from 2009 to 2013 in Shanghai and Shenzhen two listed companies as samples, empirically tests the impact of the interaction of financial flexibility and environment uncertainty on firm value. Research shows that financial flexibility can significantly enhance the value of listed companies, namely the enterprise can reserve in the early stage of financial flexibility to enhance the enterprise value; consider enterprise in the face of uncertainty, when the enterprise is faced with environmental uncertainty is large, enhance the value of financial flexibility on enterprises bigger; Study on the different nature of the property rights of listed companies, compared with state-owned enterprises, non-state-owned enterprises facing environmental uncertainty is large, financial flexibility to enhance the value of the enterprise. Its reserves bigger.
KEYWORDS：environmental uncertainty, financial flexibility, firm value
目 录
1.1 财务柔性与企业价值的关系………………………….. 3
1.2 环境不确定性对财务柔性与企业价值关系的影响………….. 4
1.3 产权性质对财务柔性价值效应的影响…………………… 5
3.3.1 总体样本多元回归分析……………………….. 15
3.3.2 分组样本多元回归分析……………………….. 17
