Abstract: Abstract: By introducing two mediators which are financing constraints and agency problem, we include financial flexibility and inefficient investment into a same research framework. We study the impact path of financial flexibility on under-investment and over-investment on the basis of financing constraints theory and agent theory. Through theoretical analysis and empirical test, we find that the financial flexibility has a significant influence on inefficient investment which has a double-edge. Financial flexibility can not only solve the under-investment of enterprise by alleviating financing constraints, but also lead to over-investment by intensifying agent problem.

摘要： [摘 要] 以非效率投资的融资约束理论和代理理论为基础，通过引入融资约束和代理问题两个中介变量，将财务柔性与非效率投资纳入同一研究框架，从投资不足和投资过度两个方面深入分析财务柔性对企业非效率投资的影响路径。结果表明，财务柔性对非效率投资具有显著的影响，并且这种影响具有双刃剑效应，财务柔性既能通过缓解融资约束解决企业的投资不足，又能通过加剧代理问题导致企业的投资过度。