环境不确定性和财务柔性与企业价值摘要在当今风云变幻的全球化时代背景下,不确定性是企业面临的基本环境特征。这一特征一方面来自于国际资本市场的不确定性,如美国的次贷危机和欧洲的主权债务危机。同时全球范围内的科学与技术的进步在为企业带来利益的同时,也为生产经营带来了更大的风险。另一方面,随着我国改革开放的深入进行,中国的经济转型、政府职能转变以及环境保护等问题也都在潜移默化地影响着企业的决策。本文以我国上市公司普遍面临的环境不确定性这一特征作为切入点，以2009——2013年沪深两市上市公司为样本，实证检验了财务柔性与环境不确定性的交互作用对企业价值的影响。研究表明：财务柔性能够显著提升上市公司的企业价值，即企业可以通过在前期储备财务柔性来提高企业价值；考虑企业面对的环境不确定性，当企业面临的环境不确定性越大时，财务柔性对企业价值的提升作用也越大；针对不同产权性质的上市企业进行研究发现，与国有企业相比，非国有企业面临的环境不确定性越大时，其储备的财务柔性对企业价值的提升作用更大。关键词：环境不确定性，财务柔性，企业价值TheenvironmentuncertaintyandfinancialflexibilityandenterprisevalueABSTRACTIntoday'sever-changingglobalerabackground,uncertaintyisthebasicenvironmentalcharacteristicsofenterprises.Ontheonehand,itcomesfromtheuncertaintyoftheinternationalcapitalmarket,suchasthesubprimemortgagecrisisintheUnitedStatesandthesovereigndebtcrisisineurope.Atthesametime,theprogressofscienceandtechnologyintheglobalscopebringsbenefitstotheenterprise,butalsobringsgreaterrisktotheproductionandoperation.Ontheotherhand,withthedeepeningofChina'sreformandopeningup,China'seconomictransformation,thetransformationofgovernmentfunctionsandenvironmentalprotectionarealsoaffectingthedecision-makingofenterprises.BasedonthelistedcompaniesinChinagenerallyfacetheenvironmentaluncertaintyofthisfeatureasastartingpoint,from2009to2013inShanghaiandShenzhentwolistedcompaniesassamples,empiricallyteststheimpactoftheinteractionoffinancialflexibilityandenvironmentuncertaintyonfirmvalue.Researchshowsthatfinancialflexibilitycansignificantlyenhancethevalueoflistedcompanies,namelytheenterprisecanreserveintheearlystageoffinancialflexibilitytoenhancetheenterprisevalue;considerenterpriseinthefaceofuncertainty,whentheenterpriseisfacedwithenvironmentaluncertaintyislarge,enhancethevalueoffinancialflexibilityonenterprisesbigger;Studyonthedifferentnatureofthepropertyrightsoflistedcompanies,comparedwithstate-ownedenterprises,non-state-ownedenterprisesfacingenvironmentaluncertaintyislarge,financialflexibilitytoenhancethevalueoftheenterprise.Itsreservesbigger.KEYWORDS：environmentaluncertainty,financialflexibility,firmvalue目录引言................................................................11文献回顾与研究假设................................................31.1财务柔性与企业价值的关系.................................31.2环境不确定性对财务柔性与企业价值关系的影响...............41.3产权性质对财务柔性价值效应的影响.........................52研究设计..........................................................72.1样本选取.................................................72.2变量定义.................................................72.2.1被解释变量.........................................72.2.2解释变量...........................................82.2.3控制变量...........................................82.3模型设计.................................................93实证分析.........................................................113.1描述性统计................
