西方财务柔性理论最新研究进展
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摘要
2008年全球金融危机爆发后,财务柔性研究在国际上受到广泛关注和重视。为了能在不确定性日益增强的经营环境中胜出,企业在财务政策选择时必须保持适度的财务柔性。文章从财务柔性定义、财务柔性的获取与保持、财务柔性与企业融投资行为关系、财务柔性对企业业绩的影响等方面,对西方学者相关研究成果进行了系统梳理和综述,以期为该领域的继续深入研究提供参考。
After the outbreak of the global financial crisis in 2008,studies on financial flexibility have received great worldwide attention. In order to survive in an operating environment with increasing uncertainties,firms have to maintain desirable financial flexibility when making choices of financial policies. This paper carries on a systematical pectination and literature survey of western theories and evidences,which range from the definition of financial flexibility,the acquisition and preservation of financial flexibility,the relationship between financial flexibility and the firm's financing and investment behaviors to the influence of financial flexibility on the firm's performance,etc.,with the view of providing references for further studies in related fields.
After the outbreak of the global financial crisis in 2008,studies on financial flexibility have received great worldwide attention. In order to survive in an operating environment with increasing uncertainties,firms have to maintain desirable financial flexibility when making choices of financial policies. This paper carries on a systematical pectination and literature survey of western theories and evidences,which range from the definition of financial flexibility,the acquisition and preservation of financial flexibility,the relationship between financial flexibility and the firm's financing and investment behaviors to the influence of financial flexibility on the firm's performance,etc.,with the view of providing references for further studies in related fields.
引文
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[42]ODED J.Payout Policy,Financial Flexibility,and Agency Costs of Free Cash Flow[R].SSRN eLibrary,2012.
[43]DEANGELO H,DEANGELO L,SKINNER D J.Dividends and Losses[J].Journal of Finance,1992,47(5):1837-1863.
[44]DANIEL N,DENIS D J,NAVEEN L.Dividends,Investments,and Financial Flexibility[R].Working paper,2010.
[45]LEARY M T,MICHAELY R.Determinants of Dividend Smoothing:Empirical Evidence[J].Review of Financial Studies,2011,24(10):3197-3249.
[46]LINTNER J.Distribution of Incomes of Corporations among Dividends,Retained Earnings,and Taxes[J].American Economic Review,1956,46(2):97-118.
[47]LIE E.Financial Flexibility,Performance,and the Corporate Payout Choice[J].Journal of Business,2005,78(6):1-23.
[48]BRAV A,GRAHAM J R,HHRVEY C R,et al.Payout Policy in the 21st Century[J].Journal of Financial Economics,2005,77(3):483-527.
[49]JAGANNATHAN M,STEPHENS C P,WEISBACH M S.Financial Flexibility and the Choice between Dividends and Stock Repurchases[J].Journal of Financial Economics,2000,57(3):355-384.
[50]GUAY W,HARFORD J.The Cash-flow Permanence and Information Content of Dividend Increases Versus Repurchases[J].Journal of Financial Economics,2000,57(3):385-415.
[51]GRULLON G,MICHAELY R.Dividends,Share Repurchases,and the Substitution Hypothesis[J].Journal of Finance,2002,57(4):1649-1684.
[52]KAHL M,SHIVDASANI A,WANG Y.Why Do Firms Use Commercial Paper?[R].Working Paper,2010.
[53]SUFI,A.Bank Lines of Credit in Corporate Finance:An Empirical Analysis[J].Review of Financial Studies,2009,22(3):1057-1088.
[54]TRIANTIS G G.Financial Slack Policy and the Laws of Secured Transactions[J].The Journal of Legal Studies,2000,29(1):35-69.
[55]SCHWARCZ S L.The Easy Case for the Priority of Secured Claims in Bankruptcy[J].Duke Law Journal,1997,47(3):425-489.
[56]NASH R C,NETTER J M,POULSEN A B.Determinants of Contractual Relations between Shareholders and Bondholders:Investment Opportunities and Restrictive Covenants[J].Journal of Corporate Finance,2003,9(2):201-232.
[57]MYERS S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[58]MAKSIMOVIC V.Captial Structure in Repeated Oligopolies[J].Rand Journal of Economics,1988,19(3):389-407.
[59]BOLTON P,SCHARFSTEIN D S.A Theory of Predation Based on Agency Problems in Financial Contracting[J].American Economic Review 1990,80(1):93-106.
[60]DASGUPTA S,TITMAN S.Pricing Strategy and Financial Policy[J].Review of Financial Studies,1998,11(4):705-737.
[61]RAJAN R G,ZINGALES L.What Do We Know About Capital Structure-Some Evidence from International Data[J].Journal of Finance,1995,50(5):1421-1460.
[62]ARSLAN-AYAYDIN ,FLORACKIS C,OZKAN A.Financial Flexibility,Corporate Investment and Performance:Evidence from Financial Crisis[J].Review of Quantitative Finance and Accounting,2014,42(2):211-250.
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1 比如Muaer和Trinatsi(1994)应用模拟技术,将企业的经营决策、投资决策与融资决策纳入一个统一的框架下分析,他们发现经营柔性与财务柔性之间存在替代关系。再如Gamba和Triantis(2008)改变传统将投资与融资相互分离的做法,通过将投资与财务柔性结合在一个模型中,研究表明投资灵活性大的项目,从财务柔性获取的价值就小。
[2]AICPA.Exposure Draft:Disclosure of Certain Significant Risks and Uncertainties and Financial Flexibility[M].New York:American Institute of Certified Public Accountants,1993:1-64.
[3]FASB.SFAC No.5:Recognition and Measurement in the Financial Statements of Business Enterprises[M].New York:Financial Accounting Standard Board,1984:CON5-11.
[4]HIGGINS R.Analysis for Financial Management[M].Homewood,IL:Business One Irwin,1992:201-234.
[5]GILSON S C,WARNER J B.Junk Bonds,Bank Debt,and Financial Flexibility[R].SSRN eLibrary,1997.
[6]GRAHAM J R,HARVEY C R.The Theory and Practice of Corporate Finance:Evidence from the Field[J].Journal of Financial Economics,2001,60(2/3):187-243.
[7]CAMERON K.A Study of Organizational Effectiveness and Its Predictors[J].Management Science,1986,32(1):87-112.
[8]MENSAH Y M,WERNER R.Cost Efficiency and Financial Flexibility in Institutions of Higher Education[J].Journal of Accounting and Public Policy,2003,22(4):293-323.
[9]GAMBA A,TRIANTIS A.The Value of Financial Flexibility[J].Journal of Finance,2008,63(5):2263-2296.
[10]BYOUN S.Financial Flexibility,Leverage,and Firm Size[R].Working Paper,2008.
[11]DEANGELO H,DEANGELO L.Capital Structure,Payout Policy,and Financial Flexibility[R].University of Southern California,Working Paper,2009.
[12]葛家澍,占美松.企业财务报告分析必须着重关注的几个财务信息[J].会计研究,2008(5):3-9.
[13]MYERS S C,MAJLUF N S.Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Journal of Financial Economics,1984,13(2):187-221.
[14]OPLER T,PINKOWITZA L,STULZA R,et al.The Determinants and Implications of Corporate Cash Holdings[J].Journal of Financial Economics,1999,52(1):3-46.
[15]FERREIRA M A,VILELA A S.Why Do Firms Hold Cash?Evidence from Emu Countries[J].European Financial Management,2004,10(2):295-319.
[16]SOENEN L.Cash Holdings:A Mixed Blessing?[J].AFP Exchange,2003,23(5):54-57.
[17]RAMEZANI C A.Financial Constraints,Real Options and Corporate Cash Holdings[R].SSRN eLibrary,2012.
[18]BAUM C F,SCHFER D,TALAVERA O.The Effects of Industry-Level Uncertainty on Cash Holdings:The Case of Germany[R].Boston College Working Papers in Economics,2007.
[19]LEE Y,SONG K R.Financial Crisis and Corporate Cash Holdings:Evidence from East Asian Firms[R].Working Paper,2010.
[20]CUSTODIO C,FERREIRA M A,RAPOSO C C.Cash Holdings and Business Conditions[R].SSRN eLibrary,2007.
[21]GAO R,GRINSTEIN Y.Firms'Cash Holdings and Uncertainty[R].Working Paper,2013.
[22]ALMEIDA H,CAMPELLO M,WEISBACH M S.The Cash Flow Sensitivity of Cash[J].Journal of Finance,2004,59(4):1777-1804.
[23]ACHARYA V V,ALMEIDA H,CAMPELLO M.Is Cash Negative Debt?A Hedging Perspective on Corporate Financial[J].Journal of Financial Intermediation,2007,16(4):515-554.
[24]DENIS D J,SIBILKOV V.Financial Constraints,Investment,and the Value of Cash Holdings[J].Review of Financial Studies,2010,23(1):247-269.
[25]POITEVIN M.Financial Signalling and the“Deep-pocket”Argument[J].The RAND Journal of Economics,1989,20(1):26-40.
[26]GOLDSTEIN R,JU N J,LELAND H.An Ebit-based Model of Dynamic Capital Structure[J].Journal of Business,2001,74(4):483-512.
[27]BILLETT M T,KING T H,MAURER D.Growth Opportunities and the Choice of Leverage,Debt Maturity,and Covenants[J].Journal of Finance,2007,62(2):697-730.
[28]BYOUN S.Financial Flexibility and Capital Structure Decision[R].SSRN eLibrary,2011.
[29]DONALDSON G.Strategy for Financial Mobility[M].Boston,Massachusetts:Harvard Business School Press,1969:150-184.
[30]PINEGAR J M,WILBRICHT L.What Managers Think of Capital Structure Theory:A Survey[J].Financial Management,1989,18(4):82-91.
[31]BANCEL F,MITTOO U R.Cross-country Determinants of Capital Structure Choice:A Survey of European Firms[J].Financial Management,2004,33(4):103-132.
[32]MODIGLIANI F,MILLER M H.Corporate Income Taxes and the Cost of Capital:A Correction[J].American Economic Review,1963,53(3):433-443.
[33]GRAHAM J R.How Big Are the Tax Benefits of Debt?[J].Journal of Finance,2000,55(5):1901-1941.
[34]MINTON B A,WRUCK K H.Financial Conservatism:Evidence on Capital Structure from Low Leverage Firms[R].SSRN eLibrary,2001.
[35]HARFORD J,KLASA S,WALCOTT N.Do Firms Have Leverage Targets?Evidence from Acquisitions[J].Journal of Financial Economics,2009,93(1):1-14.
[36]JENSEN M C.Agency Costs of Free Cash Flow,Corporate-Finance,and Takeovers[J].American Economic Review,1986,76(2):323-329.
[37]STULZ R M.Managerial Discretion and Optimal Financing Policies[J].Journal of Financial Economics,1990,26(1):3-27.
[38]CLARK B J.The Impact of Financial Flexibility on Capital Structure Decisions:Some Empirical Evidence[R].SSRN eLibrary,2010.
[39]SHLEIFER A,VISHNY R W.The Limits of Arbitrage[J].Journal of Finance,1997,52(1):35-55.
[40]LA PORTA R,LOPEZ-DE-SILANES F,SHLEIFER A,et al.Agency Problems and Dividend Policies around the World[J].Journal of Finance,2000,55(1):1-33.
[41]BATES T W,KAHLE K M,STULZ R M.Why Do Us Firms Hold So Much More Cash Than They Used To?[J].Journal of Finance,2009,64(5):1985-2021.
[42]ODED J.Payout Policy,Financial Flexibility,and Agency Costs of Free Cash Flow[R].SSRN eLibrary,2012.
[43]DEANGELO H,DEANGELO L,SKINNER D J.Dividends and Losses[J].Journal of Finance,1992,47(5):1837-1863.
[44]DANIEL N,DENIS D J,NAVEEN L.Dividends,Investments,and Financial Flexibility[R].Working paper,2010.
[45]LEARY M T,MICHAELY R.Determinants of Dividend Smoothing:Empirical Evidence[J].Review of Financial Studies,2011,24(10):3197-3249.
[46]LINTNER J.Distribution of Incomes of Corporations among Dividends,Retained Earnings,and Taxes[J].American Economic Review,1956,46(2):97-118.
[47]LIE E.Financial Flexibility,Performance,and the Corporate Payout Choice[J].Journal of Business,2005,78(6):1-23.
[48]BRAV A,GRAHAM J R,HHRVEY C R,et al.Payout Policy in the 21st Century[J].Journal of Financial Economics,2005,77(3):483-527.
[49]JAGANNATHAN M,STEPHENS C P,WEISBACH M S.Financial Flexibility and the Choice between Dividends and Stock Repurchases[J].Journal of Financial Economics,2000,57(3):355-384.
[50]GUAY W,HARFORD J.The Cash-flow Permanence and Information Content of Dividend Increases Versus Repurchases[J].Journal of Financial Economics,2000,57(3):385-415.
[51]GRULLON G,MICHAELY R.Dividends,Share Repurchases,and the Substitution Hypothesis[J].Journal of Finance,2002,57(4):1649-1684.
[52]KAHL M,SHIVDASANI A,WANG Y.Why Do Firms Use Commercial Paper?[R].Working Paper,2010.
[53]SUFI,A.Bank Lines of Credit in Corporate Finance:An Empirical Analysis[J].Review of Financial Studies,2009,22(3):1057-1088.
[54]TRIANTIS G G.Financial Slack Policy and the Laws of Secured Transactions[J].The Journal of Legal Studies,2000,29(1):35-69.
[55]SCHWARCZ S L.The Easy Case for the Priority of Secured Claims in Bankruptcy[J].Duke Law Journal,1997,47(3):425-489.
[56]NASH R C,NETTER J M,POULSEN A B.Determinants of Contractual Relations between Shareholders and Bondholders:Investment Opportunities and Restrictive Covenants[J].Journal of Corporate Finance,2003,9(2):201-232.
[57]MYERS S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[58]MAKSIMOVIC V.Captial Structure in Repeated Oligopolies[J].Rand Journal of Economics,1988,19(3):389-407.
[59]BOLTON P,SCHARFSTEIN D S.A Theory of Predation Based on Agency Problems in Financial Contracting[J].American Economic Review 1990,80(1):93-106.
[60]DASGUPTA S,TITMAN S.Pricing Strategy and Financial Policy[J].Review of Financial Studies,1998,11(4):705-737.
[61]RAJAN R G,ZINGALES L.What Do We Know About Capital Structure-Some Evidence from International Data[J].Journal of Finance,1995,50(5):1421-1460.
[62]ARSLAN-AYAYDIN ,FLORACKIS C,OZKAN A.Financial Flexibility,Corporate Investment and Performance:Evidence from Financial Crisis[J].Review of Quantitative Finance and Accounting,2014,42(2):211-250.
[63]曾爱民,傅元略,魏志华.金融危机冲击、财务柔性储备和企业融资行为——来自中国上市公司的经验证据[J].金融研究,2011(10):155-169.
[64]曾爱民,张纯,魏志华.金融危机冲击、财务柔性储备和企业投资行为——来自中国上市公司的经验证据[J].管理世界,2013(4):107-120.
[65]DUCHIN R,OZBAS O,SENSOY B A.Costly External Finance,Corporate Investment,and the Subprime Mortgage Credit Crisis[J].Journal of Financial Economics,2010,97(3):418-435.
[66]CAMPELLO M,GRAHAM J R,HARVEY C R.The Real Effects of Financial Constraints:Evidence from a Financial Crisis[J].Journal of Financial Economics,2010,97(3):470-487.
[67]BANCEL F,MITTOO U R.Financial Flexibility and the Impact of the Global Financial Crisis:Evidence from France[J].International Journal of Managerial Finance,2011,7(2):179-216.
[68]MIKKELSON W H,PARTCH M M.Do Persistent Large Cash Reserves Hinder Performance?[J].Journal of Financial and Quantitative Analysis,2003,38(2):275-294.
[69]MARCHICA M T,MURA R.Financial Flexibility,Investment Ability,and Firm Value:Evidence from Firms with Spare Debt Capacity[J].Financial Management,2010,39(4):1339-1365.
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1 比如Muaer和Trinatsi(1994)应用模拟技术,将企业的经营决策、投资决策与融资决策纳入一个统一的框架下分析,他们发现经营柔性与财务柔性之间存在替代关系。再如Gamba和Triantis(2008)改变传统将投资与融资相互分离的做法,通过将投资与财务柔性结合在一个模型中,研究表明投资灵活性大的项目,从财务柔性获取的价值就小。