| since 2009,gem listed companies have attracted the attention of all walks of life because of their high speed development and strong innovation ability.Gem listed companies in the rapid development at the same time exposed many problems,such as:improper use of funds,low investment efficiency.Among them,the investment efficiency is one of the most important problems.However,whether the financial flexibility,which is popular in the society recently,has an impact on the investment efficiency? This will be the main content of this article.This paper first to the domestic and foreign financial flexibility,investment efficiency and financial flexibility of the efficiency of investment effect on the analysis and summary of the literature were analyzed;followed by the relevant theories of financial flexibility and investment efficiency,expounds the effect of financial flexibility on the efficiency of investment mechanism;again selected the 2012-2016 354 gem listed companies the object of study,the gem of the listed company's financial situation and investment efficiency of flexible status through statistical software SPSS19.0,descriptive statistical analysis,get the characteristics of GEM listed companies financial flexibility and investment efficiency;then the design of empirical research,put forward the hypothesis In the end,the correlation analysis and multivariate linear regression analysis are carried out on the sample data,and relevant empirical tests are carried out to draw the conclusion that the relevant suggestions are put forward.The results show that the GEM listed companies: the inverted U relationship between the financial flexibility and efficiency of investment,including cash flexibility,debt flexibility and investment efficiency are inverted U relationship.The investment of enterprise innovation ability,growth,financing constraints are to strengthen between financial flexibility and investment efficiency of inverted U relationship. |
PDF Full Text Request