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论文编号：	14116
作者编号：	2120213342
上传时间：	2023/6/10 13:20:30
中文题目：	环境不确定性下财务柔性对中小科技企业价值的影响研究
英文题目：	Research on the Impact of Financial Flexibility on the Enterprise Value of Technology-Based SMEs ——From the Perspective of Environmental Uncertainty
指导老师：	张晓农
中文关键字：	财务柔性；环境不确定性；中小科技企业；企业价值
英文关键字：	Financial Flexibility, Environmental Uncertainty, Small and Medium-Sized Technology Enterprises
中文摘要：	中小科技企业是我国技术创新的主力军，而不确定性是当前中小科技企业所面临的内外部环境的重要特征。置身错综复杂的环境下，选择合适的财务政策对于中小科技企业长期稳定发展至关重要，拥有充足的资金支持不仅有助于企业增强风险应对能力，还能帮助企业把握潜在投资机遇。然而，学术界较少以中小科技企业为样本探讨财务柔性与企业价值关系，并相对缺乏对环境不确定性的关注。因此，从中小科技企业的视角出发，探究环境不确定性下财务柔性对企业价值的影响机制，具有一定的理论价值与实践意义。 本文在界定财务柔性、环境不确定性等相关概念的基础上，分别对“实物期权理论”“委托代理理论”和“融资约束理论”进行了梳理，并运用文献计量软件Citespace描述了财务柔性相关研究的热点、前沿和趋势。以创业板上市企业2013-2021年的面板数据作为样本，选取多元回归固定效应模型进行实证研究。首先，探讨财务柔性对中小科技企业价值的作用，同时引入环境不确定性作为调节变量，分析环境不确定性下财务柔性对中小科技企业价值影响的不同。其次，区分不同财务柔性，研究现金柔性、负债柔性对科技型中小企业价值影响，并探讨在不同环境不确定性下影响的差异。最后，将研究结果与现实问题相结合，为中小科技企业提供实际建议。 研究结果表明：（1）财务柔性与中小科技企业价值正相关；（2）环境不确定性正向调节财务柔性与企业价值之间的关系；（3）现金柔性促进中小科技企业价值，而负债柔性却会对中小科技企业价值产生不利影响，即财务柔性对中小科技企业价值的正向影响更多依赖现金柔性；（4）环境不确定性增强了现金柔性对中小科技企业价值的促进作用，但对负债柔性与企业价值的关系调节作用不显著。相应对中小科技企业提出建议如下：（1）提升财务柔性储备意识和能力，建立科学合理的财务柔性评估体系；（2）提升对环境不确定性及其与财务柔性关系的认知水平，搭建“环境不确定性——财务柔性”的联动机制；（3）丰富债权融资种类、合理配置债权融资资金期限、进一步完善信息披露，畅通负债柔性积极价值的发挥渠道。
英文摘要：	Technology-based SMEs are the main force of scientific and technological innovation in China, in the face of environmental uncertainty, they urgently need flexible financial support. However, the academic discussion on the impact of financial flexibility on enterprise value is less to be based on technology-based SMEs, and there is a relative lack of attention to environmental uncertainty. Therefore, exploring the influence mechanism of financial flexibility on the value of technology-based SMEs under environmental uncertainty has some theoretical and practical value. Based on the definition of financial flexibility and environmental uncertainty, this paper reviews the 'Principal-Agent Theory', 'Real Option Theory' and 'Financing Constraint Theory', also describes the research hotspots, frontiers and trends related to financial flexibility using Citespace. Taking the panel data of GEM listed companies from 2012 to 2021 as a sample, the multiple regression fixed-effect model was selected for empirical research. The results show that financial flexibility is positively correlated with the value of technology-based SMEs, and environmental uncertainty strengthens the role of financial flexibility in promoting the the enterprises value. Cash flexibility promotes the value of technology-based SMEs, while debt flexibility will adversely affect the enterprises value. Environmental uncertainty enhances the role of cash flexibility in promoting the value of technology-based SMEs, but does not significantly regulate the relationship between debt flexibility and enterprise value. Accordingly, suggestions are as follows: (1) improve the awareness and ability of financial flexible reserves, and establish a scientific and reasonable financial flexibility evaluation system; (2) Improve the understanding of environmental uncertainty and its relationship with financial flexibility; (3) Enrich the types of debt financing, rationally allocate the term of debt financing funds, further improve information disclosure. Key Words: Financial Flexibility, Environmental Uncertainty, Small and Medium-Sized Technology Enterprises
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