CAJ | 학술논문

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。
자원기출이론여공사행위이론인위재무송해완충외부배경돌변，촉진공사적효제승，이대리이론인위공사돈적자유현금류량，유발공사재무송해행위，증가대리성본，유손공사적효。본문차감파사돈구진모형사상，구건공사재무송해식별모형，이호심A고양주식품행업판괴80가상시공사위양본，이용모형식별출40가상시공사위재무송해공사，병침대재무송해행위소인발적경제후과，제출상응치리대책，우화공사자원배치，제승공사적효。
The resource- based theory and corporate behavior theory suggest that financial slack to buffer external environmental catastrophe, the promotion of corporate performance improvement, the agency theory that the hoarding of free cash flow, induce corporate financial slack behavior, increase agency costs, to the detriment of corporate performance. This article draw on the Boston matrix model ideas, build the company＇ s financial slack recognition model, a sample of 80 listed companies in Shanghai and Shenzhen A - share wine food industry sector, the model identified 38 listed companies for financial slack company, and for the financial slack behavior triggered by the economic consequences of the correspondilig mization companies resource allocation, enhance corporate performance.