摘要
在现代社会中,随着科技与经济在全世界范围内的迅猛发展、消费者的偏好多样化及世界金融不断地创新。现代企业,特别是处在转型经济环境下的中国企业,它们的经营环境面临着巨大的模糊性、不连续性和不确定性。在充满不确定性的经营环境中,企业必须保持柔性,才能取得良好的经营绩效。企业要适应剧烈的环境变化,作为企业系统中重要的子系统,企业财务系统必须具备财务柔性。尤其是在资本市场不完善及企业存在不同程度的融资约束的客观环境下,企业更有必要保持一定的财务柔性。财务柔性能让企业从容应对不确定环境剧变对企业产生的不利冲击,并抓住环境变化中有利的投资机会。正是基于这样的现实背景,企业财务柔性被广泛关注与重视。为此,本文采用问题式的行文思路,重点探讨了财务柔性的4个问题,即企业为什么要获取财务柔性?财务柔性水平受哪些因素影响?企业如何获取财务柔性?及企业应如何使用和提升财务柔性?本文通过对这4个问题的探讨,从而对财务柔性进行全面系统的研究,为企业的财务柔性管理实务提供理论指导。具体内容如下：
第一部分为本文的第一章至第三章,主要探讨企业为什么要获取财务柔性的问题。其中,第一章是导论,主要从本文的研究背景、研究目的、研究思路和研究方法等方面进行概括性论证。本章的主要目的在于明确企业获取财务柔性的必要性及本选题的学术价值、实现途径和实现方法。第二章是文献综述,为后续的研究提供文献基础。本章从财务柔性的研究视角对现有文献进行梳理。理论研究文献侧重于探讨财务柔性的定义及财务柔性的必要性；实证研究文献则主要从财务柔性的某一个方面(如债务柔性或现金柔性)来分析财务柔性的经济后果。尽管现有的财务柔性研究取得了比较丰富的研究成果,但现有文献中对财务柔性的内涵与外延的研究结论并不一致,导致了财务柔性概念与其他相近概念的混淆；也鲜有文献对财务柔性的理论基础及财务柔性影响因素等基本内容进行研究,这为本文提供了研究空间。同时,本章分析了不确定性理论、动态能力理论、财务权变理论、融资理论、资源约束理论及代理理论等基础理论与财务柔性的关系。理论分析表明,企业经营环境的不确定性是企业保持财务柔性的前提；在动态环境下,具备财务柔性的企业可以随环境变化而调整其财务活动,体现出财务权变的行为；而财务柔性的核心是企业获取资金和调动资金的能力,这种能力与企业的融资行为和融资结构有关；企业财务柔性能够缓解融资约束和应对不确定性。第三章主要探讨了财务柔性的概念及其本质、财务柔性的对象与目标、财务柔性的度量、财务柔性的分类及财务柔性的能力特征等基本理论要素。通过理论分析,本文认为财务柔性与财务管理柔性、财务稳健、财务冗余及财务保守等概念有着本质的区别,它是企业以合理成本,迅速、及时地筹集资金和调度资金以应对不确定性冲击,并抓住不确定性环境中投资机会的能力,这种能力有助于企业价值的最大化。财务柔性有多重内容和形式,是动态变化的。企业获取的财务柔性具有缓冲不利冲击,适应环境变化及提升企业创新力的特征。通过第一部分的理论分析,为本文后续的研究打下坚实的文献基础和理论基础。
第二部分是本文的第四章,主要是探讨企业财务柔性受哪些因素影响这一问题。本章首先提出了一个财务柔性影响因素的分析思路。影响企业财务柔性的因素涉及到三个层面的因素,包括企业内部环境的因素、外部环境的因素及联系企业内部与外部因素关系因素。在此基础上,本章对财务柔性影响因素进行了实证分析。实证研究表明,宏观经济环境、行业环境及个体环境的不确定性、公司治理结构、股东背景、企业管理层获取财务柔性的态度及企业本身的财务特征都对财务柔性水平有重要的影响。
第三部分是本文的第五章,本章是对企业获取财务柔性的途径进行理论和实证分析。在完全有效的资本市场中,企业可以保持较低财务杠杆、持续可观的权益支付和有限的现金余额分别获取负债柔性、权益柔性和现金柔性。然而,资本市场并非完全有效。因此,现实环境下,企业很难从外部获取权益柔性,更多是通过较低的现金股利支付保证企业从内部获得权益柔性,同时通过保持较低的负债水平以获取负债柔性。而对于现金柔性,企业主要通过控制企业的各个经营环节中的现金流出,扩大现金流入,从而保持较高的现金持有水平来获取的。尽管要准确确定企业财务柔性的具体水平是十分困难的,但企业在获取和运用财务柔性时应该把握一些原则,比如应适量获取、全面考虑及不可过度消耗等原则。同时,本章对企业通过低现金股利政策获取财务柔性进行了实证分析。分析表明,企业在进行现金股利决策时,会考虑已有的财务柔性水平和环境的不确定性。如果企业面临的环境不确定性越强,已有的财务柔性水平越低,则支付的现金股利越少。
第四部分是本文的第六章和第七章,主要回答企业怎样使用和提升财务柔性的问题。其中第六章以2008年全球金融危机作为不利冲击事件,考察企业财务柔性在这次危机中的各种能力和作用。通过实证分析,当企业面临不利冲击时,财务柔性可以缓冲业绩下降、缓解融资约束及促进企业在不利环境中抓住投资机会。本章的研究表明,财务柔性不仅具有理论价值,还具有实践价值。第七章则选择了超日太阳和云南白药这两个财务柔性管理政策差异明显的上市公司进行案例分析。案例分析结果表明,财务柔性对企业的长远发展极为重要,企业应综合考虑财务柔性的整体水平,有序地获取财务柔性、高效率地利用财务柔性。同时应注重将财务柔性转化为企业的长期竞争优势。
企业财务柔性的全面研究有利于企业在不确定环境下企业价值最大化的实现。本文研究的创新点主要体现在一些三个方面：
第一,对财务柔性的基本理论要素进行了系统的研究。本文对财务柔性相关的概念,包括财务管理柔性、财务保守、财务稳健及财务冗余等概念进行了比较；同时对财务柔性的理论基础进行了阐述,对财务柔性的理论研究做了有益的补充。
第二,采用理论分析和实证分析的方法,分析了现实环境下企业获取财务柔性的途径和原则。本文在西方财务柔性理论的基础上,结合企业经营活动,理论分析了现实环境下企业获取财务柔性的途径和原则,并通过实证分析,论证了在现实环境下低现金股利政策是我国企业获取财务柔性的重要途径。
第三,对财务柔性影响因素进行了探讨。本文采用理论分析和实证分析相结合的方法,探讨了环境不确定性和公司特征对企业财务柔性的影响。
第四,运用比较分析的方法,对我国上市公司的财务柔性管理进行案例对比分析,得出了有益的结论。本文运用案例分析的方法,结合企业具体的经营环境,对不同企业的财务柔性获取、运用及经济效果进行比较分析,给我国企业的财务柔性管理实践提供经验教训。
In modern society, with the fast change of environment,such as the rapidly developing of science, technology and the world economy, as well as the consumers' diversified preference and the innovation of world finance,especially current economic transition, the modern enterprise business environment, especially in China, are facing with great fuzziness, discontinuity and uncertainty. In an uncertain changing business environment, enterprises must keep flexible to achieve high performance.As an important subsystem in the system of enterprises,enterprise financial system must remain flexible in order that the enterprise can adapt to the drastic environmental changes. Especially the capital market is not perfect and enterprise have some financing constraints.It is necessary for enterprise to maintain a certain financial flexibility to deal with the uncertain environment change and seize the investment chance in the environmental change. Based on such background, corporate financial flexibility is widely concerned and heeded. Therefore, this paper studies the enterprise financial flexibility focusing on four issues, such as why enterprises obtain financial flexibility? Which factors can influence the financial flexibility level? How do enterprises obtain financial flexibility? And how do enterprises use and improve financial flexibility? Through the discussion of the four questions, the paper studies comprehensively and systematically the financial flexibility problems and provides theoretical guidance in the financial flexibility management practice. The specific contents are as follows:
The first part is the begining three chapters. This part mainly analyses the necessity of enterprise obtaining financial flexibility. Among them, the first chapter is the introduction, mainly demonstrates generally the research background, research purpose and research ideas, research methods, to clear the academic value, ways of realization and implementation method of this topic. The second chapter is the literature review. This chapter reviews the existing literature from the study perspective of the financial flexibility which provides the reference basis for the subsequent research. From the perspective of theory, existing literature mainly focus on the definition of financial flexibility and the necessity of remaining financial flexibility. From the perspective of empirical research, the existing literature focuses on the economic consequences of the financial flexibility from one aspects (such as debt flexibility or cash flexibility). Although the existing research have made a lot of achievements, but the research conclusion about the connotation and extension of the financial flexibility in the existing literature is inconsistent. This condition leads people confused about the financial flexibility concepts and other similar concepts.Also there is few literature to research the basic content and the factor of financial flexibility, which also provides the research spaces for this topic. The third chapter discusses the relationship between uncertainty theory, dynamic capability theory, contingency theory, financing theory,resource constraints theory, agency cost theory and flexible financial theory.Based on the discussion a study framework of financial flexibility is set up. In this study framework some basic contents are discussed, including the essence of financial flexibility, the measurement of financial flexibility,the classification of financial flexibility and the ability characteristic financial flexibility etc. Through theoretical analysis, this paper finds out that there are some essentially differences between financial flexibility and financial management flexibility, financial stability and financial conservatism. Financial flexibility is an ability which enterprises raise funds quickly and with reasonable cost and allocate funds to respond to uncertainty shocks and catch investment opportunity in the uncertainty environment to maximize the enterprises value. Financial flexibility is dynamic and has multiple forms in content. With financial flexibility enterprises can been moderated to the adverse shock. The innovation ability and the adaptability of enterprises to the environmental changes is improved. Through the theoretical analysis in this chapter, the theoretical foundation for the follow-up research is built.
The second part is the fourth chapter, mainly to answer the question which factors can affect the corporate financial flexibility. This chapter firstly put forward an idea about analyzing influencing factors of the financial financial Factors that affect the enterprise's financial flexibility includes factors three levels, including the enterprise internal environment factors, the external environmental factors and the coordination factors between internal and external environmental of enterprise. Based on the former theoretical analysis, an empirical analysis of the factors affecting the financial flexibility is test. The empirical research shows that different levels of uncertainty, the corporate governance structure, shareholder background, enterprise management attitude to financial flexibility and the enterprise financial characteristics have some influence to the level of financial flexibility.
The third part is the fifth chapter. This chapter mainly analyzes theoretically and empirically the method and the principle of obtaining financial flexibility. In the complete and efficient capital market, enterprises can maintain low financial leverage to obtain debt flexibility, sustained considerable equity payments to obtain equity flexibility and limited cash balance to cash flexibility. However, the capital market is not fully effective. In the real environment,especially in our country, enterprises also can maintain low financial leverage to obtain debt flexibility.But the enterprise is very difficult to gain external equity flexibility. So more enterprise always get internal equity flexibility with low cash dividend payment. For the cash flexibility, enterprises always control cash outflows in each business processes and at the same time expand cash inflows to maintain a high level of cash holdings. Enterprises should pay attention to some principle about obtaining financial flexibility that financial flexibility should been in appropriate amount and in comprehensive consideration and not excessive consumption.
The fourth part includes the sixth chapter and the seventh chapter, mainly to answer the question that the enterprise how to use and improve financial flexibility. In the sixth chapter the global financial crisis in2008is looked as an adverse impact event, this paper examines abilities and effects of the financial flexibility in the crisis. Through empirical analysis, it is found out that when enterprises are facing adverse shocks, financial flexibility can cushion the decline in performance, ease financing constraints and promote enterprises to seize the investment opportunities in adverse environments. The empirical research also shows that financial flexibility not only has theoretical value, but also has practical value. The seventh chapter chooses Chaori solar and Yunnan Baiyao as cases which have entirely different financial flexibility management policies to analysis. Through comparison and analysis, we can find that it is very important to the long-term development of enterprises by applying correctly financial flexibility management policy. Enterprises should consider the overall level of financial flexibility, obtain orderly financial flexible, efficient use of financial flexibility and focus on problem that the long-term competitive advantage of the enterprise should been build by using the financial flexibility.
Enterprise financial comprehensive research on flexible is conducive for enterprises in the uncertain environment to realize the maximization of enterprise value. The innovation of this paper is mainly reflected in several aspects:
Firstly, some similar concepts to the financial flexibility, including the financial management flexibility, financial conservative, stable financial and financial slack are compared. Through the comparison it is clearer to understand the connotation and extension of flexibility financial. Therefor this paper put forward the system and the research contents of financial flexibility.
Secondly, the paper discusses the ways and principles of obtaining financial flexibility from the theoretical and realistic environment and put forward the views that in the real environment of the listed corporation it is an important means to obtain equity flexibility through low cash dividend policy.
Thirdly, the paper for the firs time empirical analysis and discuss the the factors influencing he enterprise's financial flexibility from the macro, industry and micro environmental uncertainty and the enterprise financial characteristics.
Fourthly, combining with the enterprise practice, using the method of case analysis, the paper comprise the different use of enterprises financial flexibility management to provide some experience and lessons to the enterprise financial flexibility practice.
引文
1 张守凤.2005.基于超竞争环境下的企业柔性战略研究[D].武汉：武汉理工大学博士论文
5 本节内容及第三章的主要内容已经整理发表于2014年第4期《改革与战略》,作者为刘名旭和向显湖。
6 曾爱民,财务柔性与企业投融资行为,2011,北京：中国财政经济出版社。
12 赵蒲,孙爱英.财务保守行为：基于中国上市公司的实证研究[J].管理世界..2004年11期。
13 毕晓方,姜宝强.财务松弛对公司业绩的影响研究基于融资约束和代理成本的视角,商业经济与管理[J].2010年第4期。
17 罗宏和郝以雪在《财务冗余与企业价值创造--内在机理与实现方式》(《当代会计评论》,2013年第2期)中的研究对象是财务冗余,正如前文所述,从本质上来说,此处的财务冗余更准确来说是财务柔性。
22 罗宏和郝以雪(2013)《财务冗余与企业价值创造—内在机理与实现方式》当代会计评论.第2期
23 本节的主要内容已经整理发表在2013年第2期《财经科学》,作者为邓康林和刘名旭。
24 曾爱民,2011,财务柔性与企业投融资行为,北京：中国财政经济出版社。
29 2012年7月8日,新浪财经：《东方日升向日葵光能靠退税盈利》
30 2013年1月8日,新浪财经：《曝超日巨亏因要反哺天华赴港上市与尚德诈骗门相似》
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