Firm’s Financial Flexibility: Driving Factors, Flexibility Degree and Economic Results: A Comparison of America and China

Chun-ai Ma; Yanbo Jin; Heng-Yu Chang

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Firm’s Financial Flexibility: Driving Factors, Flexibility Degree and Economic Results: A Comparison of America and China

机译：公司的财务灵活性：驱动因素，灵活程度和经济效果：美国和中国的比较

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Our paper establishes the causal links among the driving factor, flexibility degree and performance of a firm and tests these links based on two samples made of American and Chinese listed companies in manufacturing industry respectively from 2009 to 2012. Our results show the financial flexibilities of American and Chinese firms are mainly driven by strengthening risk management and chasing investment opportunities respectively, the degree of financial flexibility has positively impact on firm performance, and the effect of financial flexibility driven by chasing investment opportunities on performance is more statistically significant than financial flexibility driven by strengthening risk management. Our results suggest that a firm can improve its performance if it retains a high flexibility degree driven by chasing investment opportunities.

机译：我们的论文在2009年至2012年，根据美国和中国上市公司制造的两家样本，建立了公司的驱动因子，灵活程度和性能的因果关系，并根据由美国和中国上市公司制造的两家样本。我们的结果显示了美国的财务灵活性中国企业主要推动加强风险管理和追逐投资机会，金融灵活性对企业绩效产生积极影响，以及追逐投资机会对业绩的影响力的影响更大，而不是经济灵活性加强风险管理。我们的结果表明，如果追求投资机会驱动的高灵活性程度，公司可以提高其性能。

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《International Journal of Economics and Finance》 |2015年第11期|共10页
作者
Chun-ai Ma; Yanbo Jin; Heng-Yu Chang;
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中图分类经济学;
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Firm’s Financial Flexibility: Driving Factors, Flexibility Degree and Economic Results: A Comparison of America and China

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