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资源基础理论与公司行为理论认为财务松懈缓冲外部环境突变,促进公司绩效提升,而代理理论认为公司囤积自由现金流量,诱发公司财务松懈行为,增加代理成本,有损公司绩效。本文借鉴波士顿矩阵模型思想,构建公司财务松懈识别模型,以沪深A股酿酒食品行业板块80家上市公司为样本,利用模型识别出40家上市公司为财务松懈公司,并针对财务松懈行为所引发的经济后果,提出相应治理对策,优化公司资源配置,提升公司绩效。
The basic theory of resources and the theory of corporate behavior think that the financial laxity buffers the abrupt change of the external environment and promotes the improvement of corporate performance. However, the agency theory holds that the company hoards free cash flow, induces the financial laxity of the company, increases the agency cost and damages the corporate performance. This article draws lessons from the Boston matrix model idea and builds the company’s financial laxity identification model. Taking the 80 listed companies in the A-share brewery food industry in Shanghai and Shenzhen as samples, 40 listed companies are identified as financial lax companies by the model, The economic consequences, put forward the corresponding management strategies to optimize the company’s resource allocation and enhance corporate performance.