摘要
本文在阐述代理成本、产品市场竞争对企业财务冗余政策影响的基础上,以中国上市公司为研究样本,对财务冗余如何影响投资规模,以及影响程度是否受到代理成本和产品市场竞争的调节进行了实证检验。研究发现:(1)财务冗余和企业未来投资正相关;(2)产品市场竞争对财务冗余一投资相关性产生正向影响;(3)代理成本对财务冗余一投资相关性的正向影响在低产品市场竞争的企业中表现明显。
After elaborating on the mechanism of the effect of agency costs and product market competition on financial slack taking the listed companies in China as samples, this paper studies how the investment is influenced by the fi- nancial slack and whether the influence is adjusted by the agency costs and product market competition. The conclusions are as follow：（ 1 ）Financial slack has a positive effect on the firms＇ future investment;（2 ）Product market competition in- fluences the correlation between financial slack and investment positively ; （3） The positive influence of agency costs on the correlation between financial slack and investment is found only in petmon the companies with lower level of product market cornpetition.
出处
《经济与管理研究》
CSSCI
北大核心
2012年第5期98-106,共9页
Research on Economics and Management
基金
教育部人文社会科学研究青年基金项目"公司财务冗余政策的经济后果研究"(10JYC630006)
天津财经大学预研发展基金项目(Y1005)
关键词
财务冗余
代理成本
产品市场竞争
Financial Slack
Agency Costs
Product Market Competition
