摘要投资是企业成长发展的主要推动力之一，企业投资效率的高低直接关系到企业的生存和发展，但伴随其中的企业非效率投资问题也十分突出。企业财务弹性是体现企业应对外界环境变化和把握有利投资机会能力的标志，财务弹性的变化很可能导致非效率投资。因此，本文分别通过理论分析和实证检验两种途径，探究了财务弹性对企业非效率投资的影响。

首先，本文界定了企业财务弹性和非效率投资的概念，并回顾国内外有关企业财务弹性和非效率投资的文献，从理论上分析了财务弹性对企业非效率投资的影响。其次，通过实证的方法分别验证了企业财务弹性对企业过度投资和投资不足的影响。本文实证度量和检验的结果显示：财务弹性对企业过度投资有显著的正向影响，而对企业投资不足有显著的负向影响。最后，对如何抑制企业非效率投资行为提出了一些建议。64463

关键词  财务弹性  非效率投资  过度投资  投资不足

毕业论文 外 文 摘 要

Title    The effect of financial flexibility to enterprise’s     Inefficient investment                                     

Abstract

As a core content of enterprise’s financial activities, enterprise’s investment relate to the survival and development of the enterprise directly, but a prominent problem which must be solved properly now is that enterprise’s inefficient investments are common. Financial flexibility is significant as the sign of the enterprise’s ability to reflect the change of environment and grasp favorable investment opportunities. Financial flexibility may lead to enterprise’s inefficient investment. This paper explored the effect of financial flexibility to enterprise’s inefficient investment by theoretical analysis and empirical test.

Firstly, this paper defined the concepts of enterprise’s financial flexibility and inefficient investment, and then the paper verified the effect of financial flexibility to enterprise’s inefficient investment by some related theories and literatures. This paper also explored the effect of financial flexibility to inefficient investment among enterprises with different properties by some empirical tests. Financial flexibility significantly influences on enterprise’s inefficient investment. Finally, it puts forward some policy suggestions about how to control the enterprise’s financial activities. 

Keywords Financial Flexibility  Inefficient Investment  Over-investment Under-investment

1  引言 1

2  理论基础和文献综述 2

2.1财务弹性的概念 2

2.2非效率投资的概述 2

2.2.1非效率投资的定义 2

2.2.2非效率投资的表现 3

2.2.2非效率投资的原因 3

2.3相关文献综述 4

2.3.1企业财务弹性的相关研究 4

2.2.2企业非效率投资的相关研究 5

2.2.3财务弹性影响非效率投资的相关研究 5

3  财务弹性影响企业非效率投资的机理和研究假设 6

3.1财务弹性影响企业非效率投资的机理 6

3.2财务弹性影响企业非效率投资的研究假设