摘要
本文以2007年爆发的全球性金融危机对中国大陆上市企业的冲击为研究事件,实证结果发现,与非财务柔性企业相比,各类财务柔性企业在金融危机时期具有更强的资金筹集和调用能力,能更好地为其投资活动提供资金;并且在危机前储备不同类型财务柔性的企业在危机中的融资方式也存在显著差异。这些发现支持了下述观点:当遭遇重大不利冲击而面临现金流短缺时,企业事前储备的财务柔性能较好地为其有价值的投资机会提供资金。
Employing the impact of global financial crisis in 2007 on China＇s listed companies as study event, this paper shows that, compared with non-financially-flexible companies, financially flexible companies have greater capacity to raise funds and can support their investment activities more effectively during the financial crisis. These findings support the point of view that, when confronted with cash flow shortfall resulted from un- expected adverse impacts, companies can utilize their financial flexibility preserved ex ante to finance profitable investment opportunities more effectively.
出处
《金融研究》
CSSCI
北大核心
2011年第10期155-169,共15页
Journal of Financial Research
基金
教育部人文社科青年项目(批准号:10YJC630015)
国家自然科学基金青年项目(批准号:G0206-71102058)
中央高校基本科研业务费项目(项目编号:2011221012)的资助
关键词
金融危机
财务柔性
融资行为
Financial crisis, Financial flexibility, Corporate financing behaviors
