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首页> 外文期刊>Journal of advances in management research >Financial flexibility, managerial efficiency and firm life cycle on firm performance: An empirical analysis of Chinese listed firms
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Financial flexibility, managerial efficiency and firm life cycle on firm performance: An empirical analysis of Chinese listed firms

机译：财务灵活性，管理效率和企业生命周期对企业绩效的影响：对中国上市公司的实证分析

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Purpose - As the capital market in China is still developing, several constraints on a Chinese-listed firm's financing strategy have a direct impact on its financial flexibility. The purpose of this paper is to reconstruct traditional financial flexibility index (FFI) derived from the western context, provide empirical evidence within eastern context by modified FFI and examine how the managerial efficiency of Chinese-listed firms is demonstrated with modified FFI to escort corporate life cycle hypothesis. Design/methodology/approach - By tailored FFI to fit the contemporary operations of Chinese-listed firms, this study investigates how managerial efficiency varies across different life stages to demonstrate the moderating power in the firm performance of financially flexible firm. Findings - It is found that financially flexible firms in the Chinese stock market generally experience good firm performance, yet the managerial efficiency could gradually be diminishing at their mature stage even firms' financial flexibility remains consistent with the agency theory. This paper sheds light on the necessity to reexamine the components in financial flexibility based on the eastern context, and provides avenue to further understand the managerial behavior of Chinese listed firms when considering firm life cycles. Research limitations/implications - Although it is difficult for this current study to offer the precise weights on each factor in calculating financial flexibility, the judgment matrix method is adopted to at least provide reliable estimates in accordance with Chinese business contexts with less than 10 percent errors in contrast to the actual weights. Practical implications - This modified FFI is particularly suitable for Chinese-listed firms under certain unique financial reporting regulations by adjusting a number of weights and factors. This study may help practitioners understand the managerial conduct of publicly listed firms in China. Originality/value - The paper constructs a modified FFI with Chinese stock market characteristics embedded, and provides insightful evidence to explain the new pecking order theory by considering the life cycle stage of Chinese-listed companies.
机译：目的-随着中国资本市场的不断发展，对中国上市公司融资策略的若干限制对其财务灵活性产生直接影响。本文的目的是重构源自西方背景的传统财务弹性指数（FFI），通过修改后的FFI在东方背景下提供经验证据，并研究如何通过修改后的FFI来证明中国上市公司的管理效率如何保驾护航周期假说。设计/方法/方法-通过针对外国上市公司量身定制的FFI，以适应中国上市公司的当代运作情况，本研究调查了不同生命阶段的管理效率如何变化，从而证明了财务灵活的公司在公司绩效中的调节力。调查结果-研究发现，中国股票市场上财务上灵活的公司通常会表现出良好的公司业绩，但即使公司的财务灵活性与代理理论保持一致，其成熟阶段的管理效率也可能逐渐下降。本文阐明了在东方背景下重新审视财务灵活性各组成部分的必要性，并为在考虑企业生命周期时进一步了解中国上市公司的管理行为提供了途径。研究的局限性/含意-尽管当前的研究很难在计算财务灵活性时对各个因素提供精确的权重，但采用判断矩阵方法至少可以根据中国的商业环境提供可靠的估计，且误差小于10％与实际重量相反。实际意义-经过调整的权重和因素，这种经过修改的FFI特别适合根据某些独特的财务报告规定在中国上市的公司。这项研究可以帮助从业人员了解中国上市公司的管理行为。原创性/价值-本文构建了一个具有中国股市特征的改进型FFI，并通过考虑中国上市公司的生命周期阶段，提供了有力的证据来解释新的啄食顺序理论。

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