财务弹性问题前沿研究述评与未来展望
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外国经济与管理 2013 年 第 35 卷第 04 期, 页码：71 - 80
摘要
参考文献
摘要
由于经济环境的不确定性日益增大,财务弹性问题引起了管理者和公司财务研究者的普遍关注。本文从财务弹性来源、财务弹性价值以及财务弹性对财务决策的影响效应三个方面对财务弹性问题前沿研究进行了系统梳理,在此基础上分析了现有研究不足,并指出了未来的研究方向。
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[3]Arslan O,et al.Financial flexibility,corporate investment andperformance:Evidence from financial crises[J].Review of Quantitative Finance and Accounting,2013,Forthcoming.
[4]Baskin J.Corporate liquidity in games of monopoly power[J].Review of Economics and Statistics,1987,69(2):312-319.
[5]Bates W T,et al.Why do U.S.firms hold so much more cash than they used to[J].Journal of Finance,2009,64(5):1985-2021.
[6]Blau B M and Fuller K P.Flexibility and dividends[J].Journalof Corporate Finance,2008,14(2):133-152.
[7]BonaiméA A,et al.Financial flexibility,risk management,and payout choice[R].Working Paper,University of Kentucky,2012.
[8]Brav A,et al.Payout policy in the21st century[J].Journal of Financial Economics,2005,77(3):483-527.
[9]Bulan L and Subramanian N.A closer look at dividend omis-sions:Payout policy,investment and financial flexibility[R].Working Paper,Brandeis University,2008.
[10]Byoun S.How and when do firms adjust their capital struc-tures toward targets[J].Journal of Finance,2008,63(6):3069-3096.
[11]Byoun S.Financial flexibility and capital structure decision[R].Working Paper,Baylor University,2011.
[12]Daniel N D,et al.Sources of financial flexibility:Evidence from cash flow shortfalls[R].Working Paper,Drexel Univer-sity,2010.
[13]DeAngelo H and DeAngelo L.Capital structure,payout poli-cy,and financial flexibility[R].Working Paper,University of Southern California,2007.
[14]DeAngelo H,et al.Capital structure dynamics and transitory debt[J].Journal of Financial Economics,2011,99(2):235-261.
[15]Denis D J.Financial flexibility and corporate liquidity[J].Journal of Corporate Finance,2011,17(3):667-674.
[16]Denis D J and McKeon S B.Debt financing and financial flexi-bility:Evidence from proactive leverage increases[J].Review of Financial Studies,2012,25(6):1897-1929.
[17]Denis D J and Sibilkov V.Financial constraints,investment,and the value of cash holdings[J].Review of Financial Studies,2010,23(1):247-269.
[18]Dittmar A and Mahrt-Smith J.Corporate governance and the value of cash holdings[J].Journal of Financial Economics,2007,83(3):599-634.
[19]Dittmar A,et al.International corporate governance and cor-porate cash holdings[J].Journal of Financial and Quantitative Analysis,2003,38(1):111-133.
[20]Fama E F and French K R.Common risk factors in the returns on bonds and stocks[J].Journal of Financial Economics,1993,33(1):3-56.
[21]Faulkender M and Wang R.Corporate financial policy and the value of cash[J].Journal of Finance,2006,61(4):1957-1990.
[22]Frésard L.Financial strength and product market behaviors:The real effects of corporate cash holdings[J].Journal of Finance,2010,65(3):1097-1122.
[23]Gamba A and Triantis A.The value of financial flexibility[J].Journal of Finance,2008,63(5):2263-2296.
[24]Graham J R.How big are the tax benefits of debt[J].Jour-nal of Finance,2000,55(5):1901-1941.
[25]Graham J R and Harvey C R.The theory and practice of cor-porate finance:Evidence from the field[J].Journal of Financial Economics,2001,60(2/3):187-243.
[26]Guay W and Harford J.The cash-flow permanence and infor-mation content of dividend increases versus repurchases[J].Journal of Financial Economics,2000,57(3):385-415.
[27]Harford J,et al.Corporate governance and firm cash holdings in the US[J].Journal of Financial Economics,2008,87(3):535-555.
[28]Hess D and Immenkotter P.How much is too muchDebt capa-city and financial flexibility[R].Working Paper,University of Cologne,2012.
[29]Hoberg G,et al.Product market threats,payouts,and finan-cial flexibility[R].Working Paper,University of Maryland,2012.
[30]Killi A,et al.Can financial flexibility explain the debt conser-vatism puzzleCross-country evidence from listed firms[R].Working Paper,Technische Universitt München,2011.
[31]Lins K V,et al.What drives corporate liquidityAn interna-tional survey of cash holdings and lines of credit[J].Journal of Financial Economics,2010,98(1):160-176.
[32]Marchica M-T and Mura R.Financial flexibility,investment ability and firm value:Evidence from firms with spare debt capacity[J].Financial Management,2010,39(4):1339-1365.
[33]Opler T,et al.The determinants and implications of corpo-rate cash holdings[J].Journal of Financial Economics,1999,52(1):3-46.
[34]Rapp M S,et al.The value of financial flexibility and payout policy[R].Working Paper,Philipps-Universitat Marburg,2012.
[35]Sufi A.Bank lines of credit in corporate finance:An empirical analysis[J].Review of Financial Studies,2009,22(3):1057-1088.
[36]Tong Z.Firm diversification and the value of corporate cash holdings[J].Journal of Corporate Finance,2011,17(3):741-758.
[37]Xie F.Managerial flexibility,uncertainty,and corporate in-vestment:The real options effect[J].International Review of Economics and Finance,2009,18(4):643-655.
[38]Yun H.The choice of corporate liquidity and corporate gov-ernance[J].Review of Financial Studies,2009,22(4):1447-1475.
[39]贾斯廷.佩蒂特.战略公司财务:在估值和资本结构中的应用[M].宋小明,译.北京:中国人民大学出版社,2009.
引用本文
董理, 茅宁. 财务弹性问题前沿研究述评与未来展望[J]. 外国经济与管理, 2013, 35(4): 71–80.
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