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本文以2008年全球金融危机为外部冲击事件,探讨不同现金柔性储备水平企业在金融危机时的投资行为差异。研究结果表明:现金柔性储备越好的企业,其在金融危机时期的融资约束程度更轻、投资支出规模更大;进一步从投资资金来源角度研究发现,现金柔性储备越好的企业,其在金融危机时期的投资支出规模更大程度上受到外部积极举债的影响,而不是现金储备水平的影响。
In this paper, the global financial crisis in 2008 as an external shock event to explore the different levels of flexible cash reserves of enterprises in the financial crisis, investment behavior differences. The results show that: the enterprises with better cash flexible reserves have less financial constraints during the financial crisis and a larger investment expenditure; further, from the perspective of sources of investment funds, it is found that the enterprises with the best cash flexible reserves have higher financial flexibility The scale of investment expenditures during the crisis period was more affected by the positive external debt, rather than the level of cash reserves.