近年来，经济全球化不断深入发展，各国企业间的经济联系日趋紧密，有时 候一个国家的经济动荡最后竟酿成全球金融危机，这客观上增加了宏观经济环境 的不确定性。除了国际市场带来的压力，我国企业还面临着国内产业优化升级、 政策规定朝令夕改等问题，这种国内外经济环境的不稳定性很大程度上制约了企 业的经营发展。因为在不稳定的经济环境中，企业往往受到更大的融资约束，难 以及时从外部获取所需资金，无法维持长期稳定的投资，资源错配，甚至只能放 弃部分投资机会。因此，我国企业普遍表现出投资效率低下的问题，投资不足或 投资过度的现象普遍(辛清泉等，2007) [1] (郑江淮等，2001） [2] 。然而，众所周知， 企业借由投资活动创造价值，投资是企业生存发展的基础，投资能力差，投资效 率低下会直接影响企业的盈利能力和绩效水平。 以上问题在高新技术企业中有更深刻的体现，因为高新技术企业区别于其他 企业，表现出高投资、高回报、高风险的特点，所以其囿于不稳定的经营环境和 融资约束而呈现出的非效率投资也会更显著的影响企业绩效。 如何增强企业投融资能力，提高投资效率进而提升企业绩效呢？学者们提出 财务柔性是企业能够及时、低成本的获取资金的能力，它能帮助企业提升投融资 能力，把握并利用有价值的投资机会，提升企业绩效。因此，本文以投资支出作 为中介变量，针对我国高新技术企业，探讨财务柔性具体如何通过影响投资支出 进而影响企业绩效，这三者之间究竟呈现何种关系。同时，本文还结合了非效率 投资指标，进一步从投资效率的角度衡量企业投资行为的合理性，并对财务柔性 影响投资支出和企业绩效的机理过程做出更详细的解释。 本文梳理了国内外相关文献，结合委托代理、信息不对称等理论，提出观点 假设，并构建实证分析模型，利用从国泰安数据库搜集来的 2013-2018 年间我国 高新技术企业的数据，对各变量间的关系进行实证研究，得出以下结论： （1）财务柔性与投资支出正相关，提高财务柔性既有助于缓解投资不足， 又会加剧投资过度，使投资支出持续增加。（2）投资支出与企业绩效呈倒 U 型关 系，但倒 U 型关系的拐点并不在期望投资规模处，而是在投资过度的某个点上。 当投资水平低于期望投资规模时，企业投资不足，投资不足与企业绩效负相关， 此时增加投资支出会提高企业绩效；当增加投资至超过期望投资规模时，企业投II 资过度，一定程度以内的投资过度仍旧与企业绩效正相关，此时增加投资会继续 提升企业绩效。但当投资过度超过一定水平时，资金滥用的负面效应占据主导， 投资过度与企业绩效负相关，企业绩效开始下降。（3）财务柔性与企业绩效呈倒 U 型的关系，投资支出在财务柔性与企业绩效间起到部分中介作用，财务柔性会 通过影响投资支出进而影响企业绩效。本文结果有助于细化、丰富对财务柔性、 企业投资和企业绩效方面的研究，对提高我国高新技术企业财务柔性管理水平有 一点粗浅的参考意义。 关键词：财务柔性，企业绩效，投资支出，非效率投资，高新技术企业III FINANCIAL FLEXIBILITY, INVESTMENT EXPENDITURE AND PERFORMANCE OF HIGH-TECH ENTERPRISES Abstract With the in-depth development of economic globalization, the economic ties between enterprises of various countries are getting closer and closer. Sometimes the economic turbulence of one country finally leads to the global financial crisis, which objectively increases the uncertainty of the macroeconomic environment. In addition to the pressure brought by the international market, Chinese enterprises are also facing problems such as the optimization and upgrading of domestic industries and the constant change of policies and regulations. The instability of the domestic and foreign economic environment greatly restricts the development of enterprises. Because in an unstable economic environment, enterprises are often subject to financing constraints, which makes it difficult to obtain the needed funds from the outside timely, fail to maintain long-term stable investment, underinvest, or even have to give up favorable investment opportunities. Therefore, Chinese enterprises generally show the problems of poor investment capacity, low investment efficiency and the phenomenon of under- investment or over-investment (Qingquan Xin et al., 2007) [1] (Jianghuai Zheng et al., 2001) [2] . However, it is well known that enterprises create value through investment activities, investment is the basis for enterprise development and expansion of reproduction. Poor investment capacity and low investment efficiency will directly affect the profitability and performance of enterprises. The above problems are more deeply reflected in high-tech enterprises. Because they are different from other enterprises with the characteristics of high investment, high return and high risk, the inefficient investment will impact the performance more. How to improve the investment and financing capacity of enterprises, improve investment efficiency and enterprise performance? Scholars put forward that financial flexibility is the ability of enterprises to obtain funds in a timely and low-cost manner, which can help enterprises improve their investment and financing capacity, seize andIV take advantage of good investment opportunities, and improve their performance. Therefore, setting investment spending as intervening variable, this paper discusses how financial flexibility affects corporate performance by influencing the investment spending, at the same time, this paper also combines the efficiency index of investment to measure the rationality of the enterprise investment behavior, and provide a more detailed explanation of how financial flexibility affects performance. In this paper, I sort out the relevant literature, combine the principal-agent and information asymmetry to put forward viewpoints and hypotheses, and construct the empirical analysis model. Then, I use the data collected from the CSMAR database of China's high-tech enterprises from 2013 to 2018, to conduct the empirical study on the relationship between variables , and the following conclusions are drawn: First, financial flexibility is positively correlated with investment expenditure. Improving financial flexibility not only helps to alleviate the shortage of investment, but also aggravates the overinvestment, investment expenditure continuously increases. Second, there is an inverted U-shaped relationship between investment expenditure and enterprise performance, but the inflection point of the inverted U- shaped relationship is not at the expected investment scale, but at a certain level of overinvestment. When the level of investment is low, the underinvestment negatively affects enterprise performance. increase the investment expenditure will improve the enterprise performance. When investment spending exceeds expected level, the overinvestment under a certain extent positively affects enterprise performance, so increase the investment will continue to improve enterprise performance, but when investment exceeds the certain level, overinvestment negatively affects the enterprise performance, business performance began to decline. Third, there is an inverted U-shaped relationship between financial flexibility and enterprise performance. Investment expenditure plays part of the intermediary role between financial flexibility and enterprise performance. The results of this paper are helpful to refine and enrich the research on financial flexibility, enterprise investment and enterprise performance, and can be used for reference to improve the level of financial flexibility management of high-tech enterprises in China. Key words: financial flexibility, firm performance, investment expenditure， inefficient investment, high-tech enterprisesV 目 录 中文摘要.................................................I Abstract.....................................................................................................III 第一章 导论.............................................1 1.1 研究背景和意义 .............................................1 1.1.1 研究背景...............................................1 1.1.2 研究意义...............................................2 1.2 研究内容、研究方法和研究框架 ...............................3 1.2.1 研究内容...............................................3 1.2.2 研究方法...............................................4 1.2.3 研究框架...............................................5 1.3 本文的创新之处 .............................................5 第二章 文献综述 .........................................