环境不确定性、冗余资源与非效率投资
Influence study of environmental uncertainty on slack resources and inefficient investment
姬雄华 1马东莉1
作者信息
- 1. 延安大学经济与管理学院,陕西延安 716000
- 折叠
摘要
以2008-2022年沪深A股非金融类上市企业为例,实证分析环境不确定性与企业非效率投资的关系以及冗余资源对二者关系的影响.结果表明:环境不确定性与企业非效率投资存在显著正相关关系,冗余资源能够发挥负向调节效应,降低环境不确定性对企业非效率投资的影响.进一步研究发现:冗余资源能够缓解非国有企业的非效率投资行为;相比于投资过度,冗余资源能够有效抑制企业投资不足现象.研究丰富了环境不确定性对企业非效率投资影响的研究成果,为冗余资源的正向积极作用提供了新的证据.
Abstract
Based on the non-financial A-share listed companies in Shanghai and Shenzhen from 2008 to 2022 as samples,this paper empirically analyzes the relation between environmental uncertainty and inefficient investment and the impact of slack resources on this relationship.The empirical results show that the envi-ronmental uncertainty has a significantly positive impact on inefficient investment,and the slack resources can play a negative regulating effect and reduce the impact of environmental uncertainty on inefficient in-vestment.Further research shows that slack resources can alleviate the inefficient investment behavior of non-state-owned enterprises.Compared with over-investment,slack resources can effectively restrain the phenomenon of under-investment.This paper enriches the research results on the effect of environmental uncertainty on inefficient investment and provides new evidence for the positive effect of slack resources.
关键词
环境不确定性/非效率投资/未吸收冗余资源/已吸收冗余资源Key words
Environmental uncertainty/Inefficient investment/Unabsorbed slack resources/Absorbed slack resources引用本文复制引用
出版年
2024
NETL
NSTL
万方数据