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以中国外贸上市公司为样本,从投资决策与财务风险动态关系角度,实证检验了外贸公司投资决策的效率水平。结果发现:在总体样本下,公司财务风险会对投资支出产生显著抑制作用,但投资并不会降低公司财务风险,从而说明公司投资效果并不好;在高成长情形下,公司不会因为财务风险的影响产生投资不足问题,但在低成长情形下,由于财务风险不会显著降低公司投资水平,并且投资支出还会对财务风险产生促进作用,因此表明公司存在过度投资现象。
Taking China’s foreign trade listed companies as a sample, this paper empirically tests the efficiency of investment decisions of foreign trade companies from the perspective of the dynamic relationship between investment decisions and financial risks. The result shows that under the overall sample, the company’s financial risk will significantly inhibit the investment expenditure, but the investment will not reduce the company’s financial risk, which shows that the company’s investment effect is not good; in the case of high growth, the company will not be financial The impact of risk has led to underinvestment, but in the case of low growth, there is an overinvestment in the company due to the fact that financial risk does not significantly reduce the company’s investment level and investment expenditures also contribute to financial risk.