我国上市公司零负债行为研究:融资约束还是财务弹性?

›› 2016, Vol. 28 ›› Issue (6): 32-41.

我国上市公司零负债行为研究:融资约束还是财务弹性?

汪金祥¹, 吴育辉², 吴世农²

1. 福建农林大学管理学院, 福州 350002;
2. 厦门大学管理学院, 厦门 361005

收稿日期:2015-12-19 出版日期:2016-06-28 发布日期:2016-07-07
作者简介:汪金祥,福建农林大学管理学院讲师,博士;吴育辉,厦门大学管理学院副教授,博士生导师,博士;吴世农,厦门大学管理学院教授,博士生导师,博士。
基金资助:
国家自然科学基金项目(71372072;71572165);2013年教育部"新世纪优秀人才支持计划"(NCTE-13-0507)。

A Study on the Behavior of Zero-leverage for Companies Listed in China: Financial Constraint or Financial Flexibility?

Wang Jinxiang¹, Wu Yuhui², Wu Shinong²

1. School of Management, Fujian Agriculture and Forest University, Fuzhou 350002;
2. School of Management, Xiamen University, Xiamen 361005

Received:2015-12-19 Online:2016-06-28 Published:2016-07-07

摘要/Abstract

摘要：

低负债和高现金持有是企业抵御2008年金融危机的重要手段,也是资本结构领域的最新研究课题。本文以1998-2012年在沪深两市交易的A股公司为样本,分别从融资约束和财务弹性角度探讨我国上市公司零负债行为的原因和后果。研究发现:(1)零负债上市公司数量占上市公司总数的比例从1998年的10.7%升至2012年的31.3%,零负债已成为最新且普遍的公司负债行为。(2)零负债行为不完全因为外部融资约束,而是为保持财务弹性而采取的一种主动战略选择。该研究发现说明,我国上市公司采取零负债行为的最主要目的是保持财务弹性,提高公司将来投资水平。为此,作者建议:产业生命周期越来越短、产品更新换代速度越来越快,经济危机频发,企业应适当减少负债,保持合理的现金储备,提高财务弹性,以应对将来的高效益项目投资。

关键词: 零负债, 净负债, 融资约束, 财务弹性

Abstract:

Low debt level and rich cash holding, as two key factors that enterprises relied on to resist the 2008 financial crisis, have the latest research topic in the field of capital structure. This paper tries to explain the behavior of zero-leverage for companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange during 1998 and 2012, from the perspective of financial constraint and financial flexibility. Results show that:(1) the percent of zero-leverage companies increase from 10.7% in 1998 to 31.3% in 2012, which means zero-leverage are more and more popular. (2) the behavior of zero-leverage for companies listed in China is not entirely because of financial constraint and in fact it is a strategic choice made by companies to maintain financial flexibility. This paper explains the reasons why more and more companies choose zero-leverage and how the behavior of zero-leverage affects investment by empirical research. Based on results above, this paper suggests that:given the frequent financial crises and the increasingly short industry life cycle, it important for companies to reduce debt and maintain some reasonable cash holdings to improve financial flexibility and capture potential high-yield investment projects.

Key words: zero-leverage, net debt, financial constraint, financial flexibility

汪金祥, 吴育辉, 吴世农. 我国上市公司零负债行为研究:融资约束还是财务弹性?[J]. , 2016, 28(6): 32-41.

Wang Jinxiang, Wu Yuhui, Wu Shinong. A Study on the Behavior of Zero-leverage for Companies Listed in China: Financial Constraint or Financial Flexibility?[J]. , 2016, 28(6): 32-41.

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