財務(wù)柔性、社會責(zé)任與公司績效

肖珊珊 彭曉蓮

摘?要：財務(wù)柔性具有的“預(yù)防”和“利用”兩大屬性，與公司績效息息相關(guān)。以上證主板2013-2022年數(shù)據(jù)為研究樣本，運(yùn)用Stata軟件對財務(wù)柔性、企業(yè)社會責(zé)任與公司績效之間的關(guān)系進(jìn)行實證檢驗，研究發(fā)現(xiàn)財務(wù)柔性對公司績效的影響呈倒“U”型關(guān)系；社會責(zé)任有利于公司績效的提升；財務(wù)柔性與社會責(zé)任的交乘項在1%的水平上對公司績效產(chǎn)生顯著的正向影響，表明社會責(zé)任會強(qiáng)化財務(wù)柔性“雙刃劍”的特點。因此企業(yè)需要精確掌握財務(wù)柔性的閾值，充分利用社會責(zé)任對財務(wù)柔性的正向調(diào)節(jié)作用，助力公司績效提升。

關(guān)鍵詞關(guān)鍵詞：財務(wù)柔性；社會責(zé)任；公司績效

中圖分類號中圖分類號：

F562.6；F560.68；F270

文獻(xiàn)標(biāo)識碼：A

DOIdoi：10.3969/j.issn.1672-2272.202403160

英文標(biāo)題Financial Flexibility， Social Responsibility and Company Performance：An Empirical Study Based on the Shanghai Stock Exchange Main Board

Xiao Shanshan，Peng Xiaolian

（School of Economics and Trade， Hunan University of Technology， Zhuzhou 412000， China）

英文摘要Abstract：The two attributes of “prevention” and “utilization” of financial flexibilit-y are closely related to enterprise performance. In this article， the above A-share data from 2013 to 2022 is a research sample. The stata software is used to empir-ically test the relationship between financial flexibility， corporate social responsibility and enterprise performance. The study found that the impact of financial flexib-ility on enterprise performance presents an inverted “U” relationship; social respon-sibility is conducive to corporate social responsibility and enterprise performance. The study found that the impact of financial flexibility on enterprise performance presents an inverted “U” relationship; social responsibility is conducive to corporat-e performance. The improvement of efficiency; the multiplication of financial flex-ibility and social responsibility has a significant positive impact on enterprise perf-ormance at the level of 1%， indicating that social responsibility will strengthen th-e characteristics of financial flexibility. Therefore， enterprises need to accurately g-rasp the threshold of financial flexibility， make full use of the positive adjustment of social responsibility on financial flexibility， and help improve performance.

英文關(guān)鍵詞Key Words：Financial Flexibility; Social Responsibility; Corporate Performance

0?引言

隨著市場競爭的加劇和經(jīng)濟(jì)全球化的深入發(fā)展，國內(nèi)企業(yè)正面臨著日益復(fù)雜和多變的外部環(huán)境。在這種情況下，企業(yè)需要增強(qiáng)財務(wù)柔性以應(yīng)對市場波動、風(fēng)險挑戰(zhàn)和不確定性因素。具備良好財務(wù)柔性的企業(yè)能夠更好地抵御外部沖擊，保持盈利能力和穩(wěn)健經(jīng)營，降低金融風(fēng)險。因此，研究企業(yè)財務(wù)柔性不僅可以為企業(yè)提供應(yīng)對挑戰(zhàn)的有效策略，還有助于促進(jìn)企業(yè)的穩(wěn)健經(jīng)營和可持續(xù)發(fā)展。這些經(jīng)濟(jì)背景下的需求使得企業(yè)財務(wù)柔性成為當(dāng)前經(jīng)濟(jì)管理領(lǐng)域的研究熱點。

1?文獻(xiàn)綜述

1984年，美國財務(wù)會計準(zhǔn)則委員會（FASB）最早提出了“財務(wù)柔性”一詞，認(rèn)為財務(wù)是采用有效措施來改變現(xiàn)金流的數(shù)量和時間分布，以應(yīng)對不確定性需求和機(jī)會的能力。……