货币政策、财务柔性与投资-现金流敏感性

摘要

财务柔性是指企业储备一定的财务资源，以提升未来应对不利事件冲击和把握有利机遇的能力。通过在投资-现金流敏感性方程中增加财务柔性变量，分析了财务柔性如何影响投资-现金流敏感性。采用中国上市公司2000—2013年度的数据进行了模型估计，结果显示财务柔性对非国有控股企业的投资-现金流敏感性有显著的下调作用；如果把货币政策考虑进来，无论是国有控股还是非国有控股企业，财务柔性都可以有效缓解货币政策紧缩背景下企业的投资-现金流敏感性。%Financial flexibility is an ability by which an enterprise reserves certain financial resources to deal with shocks from future adverse events and grasp favorable opportunities. By adding financial flexibility into the equations of investment-cash flow sensitivity, the ways how financial flexibility affects investment-cash flow sensitivity were analyzed.Based on the model estimation of the listed companies’annual data from 2000 to 2013 in China,the results showed that financial flexibility has a significant downward effect on non-state-owned enterprises’investment-cash flow sensitivity.If monetary policy is taken into account,no matter whether an enterprise is state-owned or non-state-owned, financial flexibility can effectively alleviate investment-cash flow sensitivity in the context of monetary policy tightening.