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摘要
2021年11月，党的十九届六中全会在北京召开，会议上国家主席习近平深
刻总结了长期以来党的光辉历程及重要成就，他指出我们国家仅仅用时数十年就
完成了发达国家耗时几百年走完的工业化道路。制造业作为重要产业之一，借着
改革开放的东风，为国民财富增加、人民生活水平提高以及综合国力强盛做出了
突出贡献。在这一过程中，制造业主要通过投入大量的要素来实现不断壮大，比
如扩建厂房、扩招劳动力等。然而，随着资源约束趋紧、人口老龄化加剧以及国
际贸易竞争导致的贸易摩擦层出不穷，原有的粗放型经济发展方式难以实现产业
发展的可持续性，如何在更新设备、升级工艺等方面扩大投资以促进转型升级是
所有制造业企业都要面临的重要关口。在 2008年金融危机中，具备较好财务柔
性的企业更顺利地度过了危机，由此可见财务柔性的好与坏一方面能够在企业发
生不确定风险时让企业灵活自如应对避免发生不利影响，同时还与企业如何选择
投资活动、投资效率高低密切相关。另一方面，因为目前国内外以及企业自身环
境不同，企业的成长性水平有高有低不尽相同，投资活动的效率也不一样。财务
柔性与非效率投资之间存在什么样的关系，企业成长性又会对二者的关系产生什
么样的影响，本文主要对这些问题进行研究。
本文首先梳理和回顾了国内外的相关文献内容,在运用信息不对称理论、自
由现金流假说以及投资理论等基础上进行最初的理论假设分析,将研究样本限定
为年份为 2008-2020年的制造业上市企业,利用国泰安数据库中有关资料,广泛
收集和分类整理上述企业在历年的财务报表中所披露的相关数据,查阅完文献后
最终确定选择 Richardson模型测度两种非效率投资,深入研究各变量之间的相
关关系。通过多元回归的方法进行实证研究后,本文针对研究假设进行分析得出
如下结论：(1)财务柔性与投资不足负相关,财务柔性越好,越能缓解企业投资不
足。(2)财务柔性与投资过度正相关,财务柔性越好,越容易加剧企业投资过度。
(3)企业成长性与投资不足正相关,如果企业有较高水平企业成长性,则企业投资
不足现象就会越明显。(4)企业成长性与投资过度负相关,如果企业有较低的成长
性水平，则企业的投资过度现象就会越明显。(5)企业成长性越高,财务柔性对投
资不足的缓解作用越显著。(6)企业成长性越高,财务柔性越有可能加剧投资过度。
在以上研究结论的得出之后,本文有以下几点建议:各企业要提高对于财务柔性
管理的重视程度;针对企业成长性来合理提高投资效率;促进企业成长性发挥积
极作用;完善企业制约监督机制,提高决策科学性。
关键词：制造业上市公司，财务柔性，非效率投资，企业成长性
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Abstract
In November 2021, the Sixth Plenary Session of the 19th Central Committee of
the Communist Party of China will be held in Beijing. At the meeting, President Xi
Jinping deeply summarized the glorious history and important achievements of the
party for a long time. He pointed out that our country has completed the consumption
of developed countries in just a few decades. It is a road of industrialization that has
been completed for hundreds of years.As one of the important industries, manufacturing
has made outstanding contributions to the increase of national wealth, the improvement
of people's living standards and the strong comprehensive national strength through the
east wind of reform and opening up.In this process, the manufacturing industry has
achieved continuous growth mainly by investing a large number of factors, such as
expanding factories and expanding labor force.However, with the tightening of resource
constraints, the intensification of population aging, and the continuous emergence of
trade frictions caused by international trade competition, it is difficult for the original
extensive economic development mode to achieve the sustainability of industrial
development. Investing to promote transformation and upgrading is an important
juncture for all manufacturing companies.In the 2008 financial crisis, companies with
better financial flexibility survived the crisis more smoothly. It can be seen that the
good and the bad of financial flexibility can, on the one hand, allow companies to
respond flexibly and avoid adverse effects when uncertain risks occur. It is also closely
related to how enterprises choose investment activities and the level of investment
efficiency.On the other hand, because of the different domestic and foreign
environments and the company's own environment, the level of growth of the company
is different, and the efficiency of investment activities is also different.What kind of
relationship exists between financial flexibility and inefficient investment, and what
impact does corporate growth have on the relationship between the two? This paper
mainly studies these issues.
This paper firstly sorts out and reviews the relevant literature at home and abroad,
conducts initial theoretical hypothesis analysis on the basis of information asymmetry
theory, free cash flow hypothesis and investment theory, etc., and limits the research
sample to the manufacturing period from 2008 to 2020. Listed companies in the
industry, using the relevant information in the Guotai'an database to extensively collect
and classify the relevant data disclosed in the financial statements of the above-
mentioned companies in the past years, after reviewing the literature, the Richardson
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