企业战略差异度与融资约束——基于信息不对称视角的研究

Corporate Strategy Deviance and Financial Constraints: Research Based on Information Asymmetry Perspective

中文关键词:  战略差异度  信息不对称  融资约束  外部治理  经济政策不确定性  中介效应

英文关键词:corporate strategic deviance  information asymmetry  financial constraints  external governance  uncertainty of economic policy  mediating effect

中文摘要:

      融资约束问题一直是学术界和实务界关注的焦点,企业经营战略的实施会对融资风险产生重要影响。基于2007—2018年中国A股非金融类上市公司数据,从信息不对称这一视角实证检验了企业战略差异度对融资约束的影响。研究发现:(1)企业战略差异度与融资约束显著正相关,即战略差异度越大,企业所面临的融资约束越严重；(2)信息不对称在战略差异度和融资约束之间发挥着中介作用；(3)战略差异度与融资约束的正相关关系在非国有企业、未被“四大”审计的企业、分析师关注度较低的企业以及在经济政策不确定性较高的情况下更加显著。研究结论表明,对于战略差异度较大的企业,要充分重视可能带来的融资约束问题,尤其是在经济政策不确定性较高之时。企业可通过聘请高质量审计机构、吸引更多分析师关注等外部治理手段缓解战略差异度对融资约束的不利影响。

英文摘要:

      Financial constraints has always been the focus in practice, theory and regulations by government authority. The implementation of a certain business strategy will have a profound effect on its financing risk. Based on the sample of listed firms in China during the years from 2007 to 2018, this paper studies the impact of corporate strategic deviance on financial constraints from the perspective of information asymmetry. The research finds that firstly, corporate strategic deviance has a significantly positive effect on financial constraints, the greater the strategic deviance is, the more severe financial constraints the business suffers. Secondly, information asymmetry plays a mediating role between corporate strategic deviance and financial constraints. Thirdly, the positive correlation between strategic deviance and financial constraint is more significant in the non-state-owned enterprises, non-Big Four audit enterprises, enterprises followed by fewer analysts, and in the case of high uncertainty of economic policy. The research conclusions indicate that those enterprises with greater corporate strategic deviance, great importance should be attached to possible financial constraints, especially at a time of high economic policy uncertainty. Those enterprises are encouraged to improve external governance by hiring high-quality auditors, attracting more attention of analysts, and other external governance means to ease the adverse effect of strategic deviance on financing risks. 