期刊文献+
任意字段
题名或关键词
题名
关键词
文摘
作者
第一作者
机构
刊名
分类号
参考文献
作者简介
基金资助
栏目信息

企业增长对财务弹性的影响——基于制造业上市公司的实证分析 被引量：5

Effect of corporate growth on financial flexibility: empirical evidence based on listed companies in manufacturing industry
下载PDF
导出
摘要 财务弹性作为衡量企业财务素质和战略能力的重要维度,应该成为企业增长质量评价的重要内容。以制造业2010—2012年具有完整有效财务数据的798家上市公司为样本,在运用灰色关联度分析法对财务弹性进行测度基础上,考察了企业增长状态对财务弹性的影响。实证分析结果表明,基于罗伯特·希金斯模型的增长偏离度指标与财务弹性及附带检验指标ROA之间均存在显著的负相关关系。 Financial flexibility, as an important dimension to measure the financial quality and strategic ability of enterprises, should become a crucial part in the evaluation of corporate growth. Taking 798 manufacturing listed companies with complete and effective financial data in 2010-2012 for sample, based on the method of grey relational analysis to measure their financial flexibility, this paper investigates the effect of growth status on financial flexibility. The results of the empirical analysis show that the growth deviation based on Robert J. Higgins’s Model is significantly negative correlated to financial flexibility and the ROA index as an additional test.
作者 周浪波 杨琼
机构地区 中南大学商学院 湖南财政经济学院
出处 《中南大学学报（社会科学版）》 CSSCI 2014年第3期33-38,共6页 Journal of Central South University：Social Sciences
关键词 财务弹性 资产报酬率 增长偏离度 灰色关联度分析 Financial flexibility ROA Growth deviation Grey relational analysis
分类号 F270.3 [经济管理—企业管理]
  • 相关文献

参考文献11

  • 1李慢,马钦海,赵晓煜.服务场景研究回顾与展望[J].外国经济与管理,2013,35(4):62-70. 被引量：35
  • 2DeAngelo H, DeAngelo I. Capital structure, payout policy, and financial flexibility [R]. Working Paper, University of Southern Calilornia, 2007.
  • 3Gamba, Andrea, Alexander J. Triantis. The Value of Financial Flexibility [J]. The Journal of Finance, 2008, 63(5): 263-296.
  • 4Denis D J, Sibilkov V. Financial constraints, investment, and the value of cash holdings [J]. Review of Financial Studies, 2010, 23(1): 247-269.
  • 5Opler T. The determinants and implications of corporate cash holdings [J]. Journal of Financial Economics, 1999, 52(1): 3-46.
  • 6Dittmar A, Mahrt-Smith J. Corporate governance and the value of cash holdings [J]. Journal of Financial Economics, 2007, 83(3): 599-634.
  • 7Harford J. Corporate governance and firm in the US [J]. Journal of Financial Economics, 2008, 87(3): 535-555.
  • 8Daniel N D. Sources of financial flexibility. Evidence from cash flow shortfalls [R]. Working Paper, Drexel University, 2008: 5-24.
  • 9马春爱.企业财务弹性指数的构建及实证分析[J].系统工程,2010,28(10):61-66. 被引量：49
  • 10杜栋,庞庆华,吴炎.现代综合评价方法与案例精选[M].北京:清华大学出版社,2012.

二级参考文献39

  • 1Arslan O, Florackis C, Ozkan A. Ho Hacettepe University, Working Paper. 2008. 3-33.
  • 2Marchiea M T, et al. Financial flexibility,investment ability and firm value: Evidence from low leverage firms[Z]. Manchester Business School, 2009 :3-20.
  • 3Daniel N D, Denis D J, Naveen L. Sources of financial flexibilityz Evidence from cash flow shortfalls[Z].Drexel University, 2008: 5-24.
  • 4Kahl M, Shivdasani A, Wang Y H. Do firms use commercial paper to enhance financial flexibility?[Z]. University of North Carolina, 2008:7 - 29.
  • 5Lindstrom O, Heshmati A. Interaction of real and financial flexibility - An empirical analysis [Z]. Agrifood Research, 2004 : 5- 38.
  • 6李维安.中国公司治理指数设计及其应用研究[C]//第三届中国经济学年会会议论文集,2003:6-9.
  • 7Baker J, el al. The influence of store environment on quality inferences and store image [J]. Journal of the Academy of Marketing Science, 1994,22(4) : 328--339.
  • 8Bitner M J, Servicescapes: The impact of physical surroun- dings on customers and employees[J]. Journal of Marketing, 1992,56(2):57 71.
  • 9Christoph T and Charles D. The effect of ambient scent on consumers' perception, emotions and behaviors: A critical re- view[J]. Journal of Marketing Management,2012,28(1 2) : 14--36.
  • 10Ezeh C and Harris L C. Servicescape research:A review and a research agenda[J]. Marketing Review, 2007,7 ( 1 ) : 59-- 78.

共引文献104

同被引文献65

引证文献5

二级引证文献53

中南大学学报（社会科学版）
2014年 第3期

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部