摘要
目前中国企业所面临的外部环境面临诸多深刻变化，尤其是全球公共卫生事
件叠加经济下行压力，装备制造企业所处的经济环境也越加复杂。装备制造业作
为中国经济发展的重要支柱产业，如何在这样外部环境不确定性因素较多的情况
下持续健康稳定地生存和发展，已成为企业急待解决的问题。近年来，越来越多
的企业保留较多现金，降低财务杠杆，甚至有些企业实行零负债，这些都是企业
应对外部不确定环境的财务管理手段，而这些行为也使得国内越来越多的学者关
注并投身于这些现象的研究，这一现象其实是与企业保持财务弹性联系在一起的。
根据国内外学者们的相关研究，企业通过储备适度的财务弹性，能有效增强应对
外部经济环境变化的能力，抓住投资机会，提升企业价值，使企业实现持续健康
发展。
论文通过对装备制造企业财务弹性进行规范性分析，发现大部分装备制造业
整体财务弹性水平偏低，且储备财务弹性情况差距较大。为进一步分析装备制造
业的财务弹性情况，以 2016-2020年我国沪深装备制造业主板 A股上市公司财
务数据为主要数据来源，通过构建模型计算出财务弹性指数，为装备制造企业储
备财务弹性水平提供度量参考，使装备制造业上市公司对目前行业财务弹性水平
有所了解和认知。随后将 T-1期财务弹性指数与 T期企业价值进行固定效应回
归检验，最后得出结论：前期的企业财务弹性水平正向影响当期企业价值，即企
业通过前期储备的财务弹性对企业价值具有提升效果。最后，通过前几个部分研
究的财务弹性对企业价值的影响情况，根据装备制造业行业状况，从优化财务弹
性的角度提出提升企业价值的对策建议。
关键词：装备制造业；财务弹性；企业价值
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Abstract
At present, the external environment faced by Chinese enterprises is facing many
profound changes, and there are many environmental uncertainties, especially the
economic downward pressure superimposed by global public health events. How the
equipment manufacturing industry survives and develops in constant health and
stability with high external environmental uncertainty factors has become an urgent
issue for businesses. In recent years, enterprises keep more cash, reduce financial
leverage, and even some enterprises implement zero debt. These are the financial
management methods for enterprises to deal with the external uncertain environment,
and these behaviors also make more and more domestic scholars pay attention to and
devote themselves to the research of these phenomena. This phenomenon is related to
maintaining the financial flexibility of enterprises. According to relevant research,
enterprises can improve their ability to respond to changes in the external economic
environment, seize favorable investment opportunities and enhance enterprise value.
Through the normative analysis of the financial elasticity of equipment
manufacturing enterprises, it is found that the overall financial elasticity level of most
equipment manufacturing industries is low, and the gap of reserve financial elasticity
in different companies is large. Next, the financial elasticity index is calculated by the
principal component analysis method, which provides a measurement reference for the
reserve financial elasticity level of equipment manufacturing enterprises, so that the
listed companies in the equipment manufacturing industry can understand and
recognize the current financial elasticity level of the industry. Then, the T-1 financial
elasticity index and t-period enterprise value are tested by fixed effect regression. It is
concluded that the level of enterprise financial elasticity in the early stage has a positive
impact on the current enterprise value, that is, the enterprise has the effect of improving
its value through the financial elasticity of the early reserve. Finally, through the impact
of financial elasticity on enterprise value studied in the previous parts, from the
perspective of financial flexibility, this paper puts forward countermeasures and
suggestions to enhance enterprise value.
Key words: Equipment manufacturing industry; Financial flexibility; Enterprise
value
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目录
摘要.............................................................................................................................. I
Abstract......................................................................................................................... II
目录............................................................................................................................III
1绪论............................................................................................................................1
1.1研究背景及意义 ...........................................................................................1
1.1.1研究背景 ...........................................................................................1
1.1.2研究意义 ...........................................................................................1
1.2国内外研究动态 ...........................................................................................2
1.2.1国外研究动态 ...................................................................................2
1.2.2国内研究动态 ...................................................................................4
1.2.3文献述评 ...........................................................................................5
1.3研究思路与方法 ...........................................................................................6
1.3.1研究思路 ...........................................................................................6
1.3.2研究方法 ...........................................................................................7
1.4研究的创新点 ...............................................................................................7
2概念界定、理论基础及评估方法............................................................................8
2.1概念界定 .......................................................................................................8
2.1.1装备制造业 .......................................................................................8
2.1.2财务弹性 ...........................................................................................8
2.1.3企业价值 ...........................................................................................9
2.2理论基础 .......................................................................................................9
2.2.1不确定性理论 ...................................................................................9
2.2.2信息不对称理论 .............................................................................10
2.2.3委托代理理论 .................................................................................10
2.2.4融资约束理论 .................................................................................11
2.3评估方法 .....................................................................................................11
2.3.1财务弹性的评估方法 .....................................................................12
2.3.2企业价值的评估方法 .....................................................................12
3装备制造业上市公司财务弹性、企业价值现状..................................................13
3.1装备制造业上市公司概况 .........................................................................13
3.2装备制造业上市公司财务弹性现状 .........................................................14
3.2.1现金弹性 .........................................................................................14
III
。。。以下略