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本文以2005—2010年间沪深两市A股非金融类上市公司为研究对象,利用多元线性回归分析来研究货币紧缩背景下的财务柔性与企业投资及经营业绩的关系。文章得到的主要研究结论是:(1)在货币紧缩时期,企业储备的财务柔性具有明显的缓冲作用,相对于非财务柔性企业而言,财务柔性企业能够有更高的投资水平。(2)相对于非财务柔性企业而言,财务柔性企业在货币紧缩时期的投资支出能够显著提升其随后几年的经营业绩。
This article takes the A-share non-financial listed companies in Shanghai and Shenzhen stock markets for the period 2005-2010 as the research object, and uses multivariate linear regression analysis to study the relationship between the financial flexibility and the business investment and business performance in the context of monetary tightening. The main conclusions of the paper are as follows: (1) In the period of monetary tightening, the financial flexibility of the enterprise reserve has a significant buffer effect, compared with the non-financial flexible enterprises, the financial flexible enterprises can have a higher level of investment. (2) Compared with non-financial flexible enterprises, the investment expenditure of financial flexible enterprises in the period of monetary tightening can significantly improve their business performance in the following years.