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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2014年06月第20卷第3期
   
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文章编号:1672-3104(2014)03-0033-06
 
企业增长对财务弹性的影响
——基于制造业上市公司的实证分析
 
周浪波,杨琼
 
(中南大学商学院,湖南长沙,410083;湖南财政经济学院,湖南长沙,410205)
 
摘  要: 财务弹性作为衡量企业财务素质和战略能力的重要维度,应该成为企业增长质量评价的重要内容。以制造业2010—2012年具有完整有效财务数据的798家上市公司为样本,在运用灰色关联度分析法对财务弹性进行测度基础上,考察了企业增长状态对财务弹性的影响。实证分析结果表明,基于罗伯特·希金斯模型的增长偏离度指标与财务弹性及附带检验指标ROA之间均存在显著的负相关关系。
 
关键词: 财务弹性;资产报酬率;增长偏离度;灰色关联度分析
 
 
Effect of corporate growth on financial flexibility: empirical evidence based on listed companies in manufacturing industry
 
ZHOU Langbo, YANG Qiong
 
(School of Business, Central South University, Changsha 410083, China;
Hunan University of Finance and Economics, Changsha 410205, China)
 
Abstract: Financial flexibility, as an important dimension to measure the financial quality and strategic ability of enterprises, should become a crucial part in the evaluation of corporate growth. Taking 798 manufacturing listed companies with complete and effective financial data in 2010—2012 for sample, based on the method of grey relational analysis to measure their financial flexibility, this paper investigates the effect of growth status on financial flexibility. The results of the empirical analysis show that the growth deviation based on Robert J. Higgins’s Model is significantly negative correlated to financial flexibility and the ROA index as an additional test.
 
Key words: Financial flexibility; ROA; Growth deviation; Grey relational analysis
 
 
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