投資效率之高低關係到企業的長久發展,財務彈性則是公司基於動態調整和籌集資金的一種能力,以應對可能發生的不利衝擊和抓住有利之投資機會,但是財務彈性大小會不會造成企業發生投資不足或投資過度之不效率情形呢?本研究以投資效率為因變數,透過融資約束所衡量之財務彈性為自變數,探討公司的投資效率是否會受到財務彈性的影響,另加入公司年齡、投資機會、自由現金流、現金股利水準、固定資產比率、管理費用率及總資產收益率等等參數,建立回歸模型針對財務彈性與投資效率之間關連性進行實證分析,結果顯示,融資約束與投資效率之間存在顯著的正相關,這代表著財務彈性與投資效率之間存在緊密的負相關性,當企業的財務彈性越高,愈容易產生投資不效率之情形,反之,當財務彈性越低時,則會減少投資不效率行為的產生,換言之,企業財務彈性越小,投資效率會越好,本研究結果有助於企業改善公司財務治理並強化投資決策。
This paper aims to explore the relationship between the level of investment efficiency and financial flexibility. The empirical results show that there is a significant positive correlation between financing constraints and investment efficiency. It implies that the higher financial flexibility, the lower investment efficiency. That is to say, firms with less financial flexibility would invest carefully for sustainable development. The results of this study will help companies improve corporate financial strategies and strengthen investment decision-making.