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

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。%This study examines the impact of financial flexibility on the investment of Chinese companies over the period 2007~201 1.We employ a sample of 1200 listed companies and the ran-dom effect model,the results show there are obvious differences in financial flexibility and invest-ment among several kinds of companies,financial flexibility'effects on investment scale is evi-dent,but the effect is not obvious on investment orientation.