G公司投资效率的提升对策研究
摘要
近些年来我国的文化事业发展非常迅速，文化及相关产业近几年也得到了长足的
发展，国家提出2035年之前我国就要建成文化强国的战略方针，这为我国高速发展的
文化事业注入了强劲的动力。但正因为如此，文化及相关产业的高速发展给企业相对
外部环境带来了快速变化，对于具体公司而言风险与机遇并存。投资是维持企业持续
经营和发展的基础，我国市场经济体制如今在不断的完善，市场竞争也越来越激烈，
投资对于处于高速发展时期的文化及相关产业的重要性更是不言而喻，因此怎样去降
低企业的非效率投资，从而提高企业的投资效率成为企业发展过程中急需解决的问题。
关于投资效率的研究，目前有大量的理论基础，但是关于投资效率探究的案例分
析比较少，且大部分研究只关注某一变量对投资效率的影响，虽然我国文化及相关产
业飞速发展，但发展不均衡。我国经济发展正处在重大的转型时期，在经济转型的时
候，企业环境善变且复杂，这都会使得企业相关的投资活动具有较大的不确定性，而
且随之而来将会伴随着越来越强的融资约束还有管理风险，对于具体公司而言，保持
财务柔性就可以利用相对较低的成本获得资金持有，从而可以帮助企业应对各种环境
的冲击、让投资机会不至于因为资金问题而流失，这有利于缓解投资不足，但财务柔
性也会导致过多的资金拥有水平，从而引发投资过度。
因此，本文将文献与理论相结合，从财务柔性、环境不确定性两个方面入手探
讨对企业投资效率的影响，并进行具体的案例分析。首先研究环境不确定性对投资效
率的影响机理，以Richardson模型的残差值衡量企业的投资水平，选取2011至2019
年在我国市上市的A股文化行业的公司作为研究数据，应用spss25软件进行回归分
析，随后加入财务柔性视角，进一步去探究财务柔性对环境不确定性所导致的非效率
投资的影响作用，最后以我国文化及相关产业上市公司——G公司为研究对象，具体
分析G公司的投资效率以及财务柔性、环境不确定性如何具体影响投资效率，以求研
究财务柔性与环境不确定性对于投资效率的具体作用。
在当今以及未来的市场大环境中，我国文化及相关产业的很多的公司或多或少都
有投资效率不高的相关问题，这些问题有可能影响整个文化事业的长足发展与导致国
家战略无法完成，所以研究投资效率的影响机制就比较迫切了，研究财务柔性还有环
境不确定性对于投资效率的影响路径以及影响效果，有助于帮助上市公司充分了解投
资效率的影响原理，帮助上市公司建全投资决策时的相关机制，对于文化及相关产业
的其他上市公司应该如何避免非效率投资提供了一些指导意义。
关键词：财务柔性；环境不确定性；投资效率

G公司投资效率的提升对策研究
ABSTRACT
With the rapid development of China's cultural undertakings, the cultural and related
industries have also achieved considerable development in recent years, which cannot be
left without the support of national policies. The country has proposed the strategic policy
of building China into a cultural power before 2035, which has injected strong impetus into
China's rapid development of cultural undertakings. However, because of this, the rapid
development of culture and related industries has brought rapid changes to the external
environment of enterprises, and risks and opportunities coexist for specific companies.
Investment in a business is to maintain the basis of continuous operation and development,
directly affect the enterprise's resource allocation efficiency and the value of the company,
constantly improve the market economy system in our country, the competition between
enterprises, investment in high speed development period of the culture and the importance
of the related industry is self-evident, therefore how to reduce the efficiency of investment,
improve the efficiency of enterprise resource allocation, Become an urgent problem to be
solved in the process of enterprise development.
At present, there are a lot of theoretical basis for the research on investment efficiency,
but there are few case studies on investment efficiency, and most studies only focus on the
impact of a certain variable on investment efficiency. Although China's culture and related
industries develop rapidly, the development is uneven. China's economic development is
moving toward a transition period of stable and high-quality development from the past
high growth rate, and a transition period of old and new drivers of growth. In the process
of economic transition, the enterprises are faced with the external environment is more
complex, with obvious uncertain, restrictive, and the characteristics of the right of
degeneration, the lack of the key information and resources, will lead to the company
related investment activity has great uncertainty, resource constraints, the management of
the risk faced by enterprises and the degree of information asymmetry will also increase.
For specific companies, maintaining financial flexibility can make use of relatively low
cost to obtain capital holding, so as to cope with the impact of various environments, better
grasp investment opportunities, which is conducive to alleviate the lack of investment; But
financial flexibility can also lead to excessive capital holdings, which can lead to
overinvestment.
Therefore, this paper combines literature with theory, discusses the impact of financial
flexibility and environmental uncertainty on enterprise investment efficiency, and makes a
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