[1]胡刘芬.企业战略对融资约束的影响及机理研究[J].南开经济研究官网,2021,(01):58.
 Hu Liufen.Study on the Influence and Mechanism of Corporate Strategy on Financing Constraint[J].Nankai Economic Studies,2021,(01):58.
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企业战略对融资约束的影响及机理研究(  )
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《南开经济研究》官网[ISSN:1001-4691/CN:12-1028/F]

卷:
期数:
2021年01
页码:
58
栏目:
出版日期:
2021-02-22

文章信息/Info

Title:
Study on the Influence and Mechanism of Corporate Strategy on Financing Constraint
作者:
胡刘芬
胡刘芬,安徽大学商学院(邮编:230601),E-mail:huliufen@126.com。
Author(s):
Hu Liufen
(School of Business, Anhui University, Hefei 230601, China)
关键词:
战略决策融资约束企业风险会计信息质量委托代理冲突
Keywords:
Strategic Decision Financing Constraint Business Risk Accounting Information Quality Principal Agent Conflict
摘要:
融资约束一直是阻碍企业健康发展的关键因素,然而现有文献缺乏对其背后的深层次战略逻辑展开研究。本文以 2008—2017 年在上海、深圳证券交易所上市交易的所有 A 股公司为样本,实证检验战略类型对企业融资的影响及内在机理。研究结论显示,激进的战略决策加剧了企业面临的融资约束问题,且该影响在非国有企业以及货币政策趋紧时更明显,但与该战略是否偏离行业常规模式无关。战略类型对企业融资活动的作用机理在于,进攻型战略不仅会增加企业整体的风险水平并降低会计信息质量,而且加剧了企业内部的委托代理冲突;由融资约束的缓解途径分析可知,企业提升内部控制水平或改善外部信息环境均有助于摆脱激进战略决策带来的融资困境。本文不仅丰富了企业战略经济后果和融资约束影响因素的研究文献,而且有利于人们深入理解战略决策与企业行为之间的互动关系,同时对政府部门和公司高管解决企业外部融资受限问题以及投资者优化投资决策均具有一定的启示意义。
Abstract:
Financing constraint has always been a key factor hindering the healthy development of enterprises. However, the existing literature lacks research on the underlying strategic logic behind it. This paper takes all A-share companies listed in Shanghai and Shenzhen Stock Exchanges between 2008 and 2017 as a sample, empirically testing the impact and internal mechanism of corporate strategy on financing behavior. The conclusion shows that radical strategic decisions exacerbate the financing constraints faced by companies. This effect is more pronounced if the enterprise is non-state-owned and monetary policy is tightened. But it has nothing to do with whether the strategy deviates from the industry’s usual model. Mechanisms of strategy’s impact on corporate financing include three aspects. This offensive strategy increases the overall risk level of enterprises and reduces accounting information quality. In addition, it also exacerbates internal agency conflicts. After analyzing the mitigation path of financing constraints, we find that improving internal control and external information environment can both alleviate the financing dilemma caused by aggressive strategy. Our study not only enriches the research literature on the economic consequences of different strategy types and the factors affecting financing constraints, but also helps people to deeply understand the interaction between strategic decision-making and corporate behavior. What is more, the article has certain enlightenment significance for government departments and company executives to solve the problem of external financing restrictions and investors to optimize investment decisions.

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更新日期/Last Update: 2021-01-18