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本文以高管金融背景为依据构建金融关联指数,并以我国2005-2012年沪深A股制造业上市公司为研究样本,实证考察了金融关联、财务柔性与企业投资水平的关系。研究发现,拥有金融关联的企业能保持较高的现金柔性与负债融资柔性。其中,拥有金融关联的民营企业现金柔性较低、负债融资柔性较高,拥有金融关联的国有企业现金柔性和负债融资柔性都较高。金融关联与现金柔性的共同作用会增加企业投资,而与负债融资柔性的共同作用则会抑制企业投资。由于产权属性的差异,金融关联、财务柔性对企业投资会产生截然不同的影响。
This article builds the financial correlation index on the basis of the executive financial background. Taking the listed companies in Shanghai and Shenzhen A-share manufacturing companies from 2005 to 2012 as the sample, this paper empirically examines the relationship between financial linkages, financial flexibility and corporate investment. The study found that companies with financial connections can maintain high cash flexibility and debt financing flexibility. Among them, the private-owned enterprises with financial linkages have lower cash flexibility, higher debt financing flexibility, and cash-rich and debt financing flexibility of state-owned enterprises with financial linkages are higher. The combined effect of financial linkages and cash flexibility will increase business investment, and the combined effect of debt financing flexibility will inhibit business investment. Due to the differences of property rights, financial affiliations and financial flexibility will have different impacts on the investment of enterprises.