展,企业面临的市场竞争日益激烈的,企业要
能够迅速适应市场信号的变化,其财务活动必须能够保持灵活的适应能力或可调
整性,即通常所说的弹性。财务弹性即为企业采取措施满足未来不能预料的资金需
求的能力。企业在不同财务弹性的状况下,做出怎样的资金分配决策以及由此给
资本市场传递的企业经营状况信息,影响着公司未来的财务活动。因此,越来越
多的学者对财务弹性与资金分配关系进行了研究,并且已经取得了大量的研究成
果。
伴随着我国改革开放的不断深入及市场经济体制的不断成熟,我国资本市场
创造了世界资本市场发展的奇迹,成为国际资本市场的重要组成部分。国内很多
学者虽然对财务弹性进行了大量研究,但对于财务弹性同资金分配的研究以及针
对国内资本市场的实证研究涉足较少,缺乏成果。因此,在吸取国外学者对这一
问题实证研究的基础上,针对我国资本市场内上市公司进行相关实证研究,对于
我国资本市场的不断完善以及我国上市公司公司治理水平的提高,具有重要的现
实意义。
根据现在的研究成果表明,财务弹性与企业融资活动之间存在着互相影响的
关系。基于此,本文通过收集了《中国证券报》、《上海证券报》、Wind资讯金融
终端、中国上市公司资讯网及上海证券交易所2007-2009年部分浙江省制造业上
市公司的年度财务数据,建立财务弹性评价指标和企业融资衡量指标,根据衡量
结果对样本进行实证分析,找出两者的关联性。
因此,基于这种理论和现实的需要,本文尝试对浙江省制造业上市公司财务
弹性与公司融资方式之间的密切关系进行比较系统和深入地探讨,研究发现上市
公司的财务弹性与其融资行为相互依存,两者处于持续变动之中;企业财务弹性
与融资活动之间的相互影响作用是有一定范围的;高财务弹性公司侧重吸收外部
股东投入和利润留存形成的权益资金,低财务弹性公司侧重于利用借贷资金。
摘要
关键词:制造业;财务弹性;融资

Abstract

Today ,with the rapid development of information technology, enterprises are facing

increasingly fierce market competition, enterprises should be able to adapt quickly to

the changes of market signals, its financial activities must be able to maintain a flexible

ability to adapt or can be adjusted, that is to say, the elastic. Financial flexibility for

enterprise take measures to satisfy future unexpected funding needs. Enterprises in

different financial flexibility under the condition, make capital allocation decisions on

how and business conditions thus to the capital market information, affect the

company's future financial activities. Therefore, more and more scholars have

conducted the research on the financial flexibility and financial distribution relations,

and have achieved a lot of fruits.

Along with the deepening of China's reform and opening up and the market economy

continues to mature, the capital market of our country capital market created a world

miracle, become an important part of the international capital market. Although many

domestic scholars have conducted extensive research on the financial flexibility, but

with the allocation of funds for financial flexibility for empirical studies of the domestic

capital market to get involved fewer, and the lack of results. Draw on the basis of

empirical research on this issue of foreign scholars, for the listed companies in China's

capital market related empirical research, is conducive to the constant improvement of

China's capital market is conducive to raising the level of corporate governance of listed

companies in China, research has important practical significance.

According to the research results now indicate that, there is a relationship of mutual

influence between financial flexibility and enterprise financing activities.

Therefore, through the collection of the China Securities News and Shanghai

Securities News; Wind information financial terminals; financial data for the year

2007-2009, part of the Chinese Listed Company Information Network and the Shanghai

Stock Exchange Listed Manufacturing Company in Zhejiang Province, the

establishment of financial elastic evaluation indicators and corporate finance, empirical

analysis based on a measure of the results of the sample to find out the correlation

between the two.

Therefore, based on this theory and real needs,this paper attempts a more systematic

and in-depth exploration of the close relationship between the Zhejiang manufacturing

listed company's financial flexibility with the company financing, the study found

financial flexibility in its financing behavior of listed companies are interdependent,

both in continuous flux; mutual effect between corporate financial flexibility and

financing activities have a certain range; high financial flexibility of the company

focused equity funds formed outside shareholders1 investment and retained profits, low

financial flexibility,the company focus the use of borrowed funds.

Key Words: Manufacturing,Financial flexibility, Financing