摘要
首先从理论层面探讨了在融资约束下财务柔性对公司信用风险的作用机理,提出了"财务柔性缓冲"的概念;然后使用2009—2012年中国A股非金融类上市公司的数据,实证检验了财务柔性对企业信用风险的缓冲作用。研究结果显示:财务柔性对缓冲企业的信用风险具有积极作用,且这种效应与企业所受的融资约束程度密切相关。指出:在后金融危机时期,融资受限的中国企业可通过提高财务柔性持续有效地降低其信用风险。
This paper discusses the effect mechanism of financial flexibility to corporate credit risk under the financing constraints, and proposes the concept of ＂financial flexibility buffer＂. Then it uses the data of China A-share listed companies in non-financial sectors during 2009-2012 to test empirically the cushioning effect of financial flexibility. The result shows as follows： financial flexibility plays an important role on smoothing corporate credit risk,and such the smoothing effect relates to financing constraint degree closely,which indicates that Chinese firms facing financing constraints could reduce credit risk by increasing financial flexibility.
出处
《技术经济》
CSSCI
2014年第10期106-112,共7页
Journal of Technology Economics
基金
国家自然科学基金资助项目"关联信用风险演化结构与传染机理研究"(71271043)
高等学校博士学科点专项科研基金课题"基于交易关联和资产关联的信用风险传染系统建模和仿真研究"(20110185110021)
关键词
财务柔性
融资约束
信用风险
financial flexibility
financing constraint
credit risk
