宏观经济不确定性、多元化与财务柔性

财经论丛 ›› 2019, Vol. 35 ›› Issue (1): 61-70.

宏观经济不确定性、多元化与财务柔性

付玉梅¹, 张丽平², 李文聪¹

1.石河子大学经济与管理学院,新疆石河子 832000;
2.河北经贸大学会计学院,河北石家庄 050061

收稿日期:2018-05-22 出版日期:2019-01-10 发布日期:2019-01-09
通讯作者: 张丽平(1986-),女,河北石家庄人,河北经贸大学会计学院讲师,博士,通讯作者
作者简介:付玉梅(1986-),女,山东曹县人,石河子大学经济与管理学院博士生,高级会计师;李文聪(1991-),女,陕西商洛人,石河子大学经济与管理学院硕士生。
基金资助:
国家社科基金青年项目(16CGL012);新疆维吾尔自治区普通高校人文社会科学重点研究基地项目(XJEDU020114C02);河北经贸大学科研基金青年项目(2017KYQ06)

Macroeconomic Uncertainty, Diversification and Financial Flexibility

FU Yumei¹, ZHANG Liping², LI Wencong¹

1.School of Economics and Management,Shihezi University,Shihezi 832000,China;
2.School of Accounting,Hebei University of Economics and Business,Shijiazhuang 050061, China

Received:2018-05-22 Online:2019-01-10 Published:2019-01-09

摘要/Abstract

摘要： 经济不确定性下的公司战略与财务决策关乎企业未来发展,又反作用于宏观的经济增长。本文基于2003~2015沪深两市A股上市公司样本数据,研究发现:宏观经济不确定性明显加大了企业基于流动性需求的财务柔性;而多元化经营则减少了财务柔性储备。同时纳入宏观经济不确定性与多元化经营的结果发现,多元化经营明显缓解了宏观经济不确定性对公司财务柔性的资金需求。上述结果一致表明,当微观企业面临宏观经济不确定性时,通过选择合适的公司战略与财务决策来积极应对或规避宏观经济不确定性的可能负面影响,在帮助微观企业持续发展的同时,亦利于宏观经济的平稳增长。

关键词: 宏观经济不确定性, 多元化, 财务柔性

Abstract: The company's strategy and financial decisions in the context of economic uncertainty not only are related to the future development of the company and but also have great impact on the macroeconomic growth. Based on the sample data of A-share listed companies in Shanghai and Shenzhen in 2003-2016, this paper finds that macroeconomic uncertainties have significantly increased the financial flexibility of companies based on liquidity demand, whereas diversification has reduced financial flexibility reserves. Further study by including both macroeconomic uncertainties and diversification reveals that diversification has significantly eased the financial needs of macroeconomic uncertainties for corporate financial flexibility. The above results consistently show that when micro-enterprises face macroeconomic uncertainties, they can actively respond to or circumvent possible negative impacts of macro-economic uncertainty by selecting appropriate corporate strategies and financial decisions,which can not only help micro-enterprises continue to develop,but also is conducive to the steady growth of the macro economy.

Key words: Macroeconomic Uncertainty, Diversification, Financial Flexibility

中图分类号:

F820.3

付玉梅, 张丽平, 李文聪. 宏观经济不确定性、多元化与财务柔性[J]. 财经论丛, 2019, 35(1): 61-70.

FU Yumei, ZHANG Liping, LI Wencong. Macroeconomic Uncertainty, Diversification and Financial Flexibility[J]. , 2019, 35(1): 61-70.

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