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本文以信息不对称理论和代理理论为基础,引入融资约束和代理问题两个中间因素,分析财务柔性对企业非效率投资的影响路径。结果表明,财务柔性既能通过企业的投资不足,改善投资效率;又能通过加剧代理问题导致企业的投资过度,降低投资效率。
Based on information asymmetry theory and agency theory, this paper introduces two intermediate factors, namely, financial constraints and agency problems, and analyzes the impact of financial flexibility on inefficient enterprise investment. The results show that financial flexibility can not only improve the efficiency of investment through the under-investment of enterprises, but also cause the over-investment of enterprises and reduce the investment efficiency by aggravating the agency problem.