| 企业财务弹性与投资行为关系：一个金融危机环境下的数据检验 |
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| 引用本文： | 马春爱,贾鹏.企业财务弹性与投资行为关系：一个金融危机环境下的数据检验[J].湖南农业大学学报(自然科学版),2015(3):46-49. |
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| 作者姓名： | 马春爱 贾鹏 |
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| 作者单位： | （1.中国石油大学 工商管理学院,北京102249;2.财政部 财税司,北京100820) |
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| 摘 要： | 采用1200家中国上市公司金融危机期间2007~2011年的面板数据和随机效应模型，对财务弹性与公司投资行为的关系进行检验，研究发现：不同行业、不同所有权控股、不同板块上市公司的财务弹性及投资行为存在明显差异；财务弹性对投资规模具有较为明显的促进作用，对投资方向的影响作用不明显。
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| 关 键 词： | 金融危机 财务弹性 投资规模 投资方向 |
Empirical Research on Relation Between Financial Flexibility and Investment Behavior: Evidence from Financial Crisis in 2008 |
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| MA Chunai,JIA Peng.Empirical Research on Relation Between Financial Flexibility and Investment Behavior: Evidence from Financial Crisis in 2008[J].Journal of Hunan Agricultural University,2015(3):46-49. |
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| Authors: | MA Chunai JIA Peng |
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| Institution: | (1.School of Business Administration, China University of Petroleum, Beijing102249, China; 2.The Ministry of Finance of the People''s Republic of China, Beijing100820, China) |
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| Abstract: | This study examines the impact of financial flexibility on the investment of Chinese companies over the period 2007~2011. We employ a sample of 1200 listed companies and the random effect model, the results show there are obvious differences in financial flexibility and investment among several kinds of companies, financial flexibility'' effects on investment scale is evident, but the effect is not obvious on investment orientation. |
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| Keywords: | Financial crisis Financial flexibility Investment scale Investment orientation |
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