| This article from the enterprise financial point of view,how to improve the level of investment and investment efficiency,and promote enterprise development.We use the listed company data from 2006 to 2015 to study the impact of corporate financial elasticity on investment level and investment efficiency by using the generalized least squares(GLS).After the robustness test,the study finds that financial elasticity has a significant positive impact on the level of enterprise investment,and the increase of financial elasticity is conducive to the increase of the level of enterprise investment.Then,in order to investigate whether this increase in investment brings about an increase in investment efficiency,this paper further studies the financial elasticity and enterprise investment efficiency.This paper examines the impact of financial elasticity on underinvestment and overinvestment of enterprises respectively,and finds that financial elasticity has a significant negative impact on underinvestment of enterprises,that is,increasing financial elasticity is beneficial to restrain the emergence of underinvestment of enterprises;and financial elasticity has a significant positive impact on overinvestment of enterprises,that is,expanding financial elasticity increases the phenomenon of overinvestment of enterprises.Finally,from the perspective of practical application,the heterogeneity analysis of the impact of underinvestment and overinvestment is carried out,including the heterogeneity analysis of the nature of enterprises,agency costs and the heterogeneity analysis of the degree of information asymmetry.The results of this study will help to provide a theoretical basis for deepening enterprise reform,regulating the level of financing constraints and promoting enterprise development.At the same time,speeding up the supply-side reform at the enterprise level and solving the excess capacity also have certain policy guiding role. |
PDF Full Text Request