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本文采用匹配方法度量我国上市公司的财务灵活性,避免了传统度量方式的诸多缺陷,并以2008年金融危机为契机,运用双重差分法检验财务灵活性对公司投资行为的因果效应。研究发现,处理组公司在金融危机期间的投资水平变化高出对照组公司2.501%,这一差异兼具统计显著性和经济显著性。此外,更高的投资水平变化是通过更多的债务融资实现的。一系列安慰剂检验和稳健性检验表明本文的结论未受其他因素的混淆,具有稳健性。进一步研究发现,对照组公司在金融危机期间普遍出现了严重的投资不足问题,且发生业绩下滑,而处理组公司在金融危机期间的投资水平和业绩都维持稳定。这表明财务灵活性通过债务融资渠道缓解了企业的投资扭曲。
Abstract：This paper uses matching method to gauge firms' financial flexibility,avoiding many defects of traditional measurement.Then uses difference-in-differences estimator to gauge the causal effect of financial flexibility on firms' investment during the 2008 financial crisis.We find that treated firms exhibited a change in investmen of 2.501% more than control firms,and that this change in investment is statistically and economically significant.Moreover,treated firms' higher change in investment was achieved through higher debt financing.A number of placebo and robustness tests suggest that our inferences are not confounded with other factors and are robust.Further research indicates that under-investment became widespread during the crisis among control firms,with which declining operating performance was also accompanied,while treated firms' investment level and operating performance both remained stable during the crisis.These results suggest that financial flexibility helped firms mitigate investment distortions through debt financing.
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(1)管理防御是指管理者为了减轻支付利息的绩效压力,以及降低财务困境时所必须承担的巨大的转换工作成本,尽可能地避免债务融资(Devos等,2012)。
(1)为简洁起见,若无特别说明,后文的“财务灵活性”均指“主动财务灵活性”。
(1)STATA官方命令为“teffects nnmatch”。
(1)考虑到该变量的数值偏小,我们将其乘以100以便于分析。
(2)Devos et al.(2012)认为公司治理变量可以间接地度量管理防御。
(3)受篇幅限制,本文并未给出处理组公司与对照组公司的详细列表,感兴趣的读者可发邮件索取。
(1)值得注意的是,表3的Panel B并没有给出新增债务的“匹配估计量ATT”,原因在于本文是以投资水平作为结果变量构建的匹配模型。
(1)感谢匿名审稿人提出关于路径分析的建设性意见。
(1)此处的“低杠杆”指公司杠杆率低于样本中位数,即从绝对水平来判断杠杆率的高低。
(2)由于处理组公司的杠杆率本身就低于对照组公司,因此以对照组公司为基准筛选出的低杠杆样本更具代表性。
(1)感谢匿名审稿人提出关于投资扭曲的建设性意见。
基本信息:
DOI：
中图分类号:F224;F275
引用信息:
[1]黄昆,唐齐鸣.财务灵活性能缓解投资扭曲吗——来自双重差分匹配估计量的经验证据[J].金融学季刊,2017,11(03):103-131.
基金信息:
国家自然科学基金(71473092);; 华中科技大学自主创新研究基金(5003310001)的资助