驶入投资水域：财务因素对小型经济体企业投资行为的影响

摘要

本文以2017—2021年在纳斯达克波罗的海证券交易所上市的公司为样本，分析财务因素对小型经济体企业投资行为的影响。本文运用面板回归模型检验哪些财务因素会影响企业投资，并考察上一年度的现金流、负债比率、资产周转率、流动性与销售额对企业投资的作用。研究发现，有充分证据表明企业的投资水平受负债比率的负向影响，受资产周转率的正向影响；同时，现金流／总资产比率对投资具有负向但在统计上不显著的影响。这意味着小型经济体中的企业对资本市场的兴趣不高。企业应当重视负债比率，并将其纳入投资决策模型之中。

Abstract

Using companies listed on the Nasdaq Baltic Stock Exchange (2017–2021), we analyze the influence of financial factors on the investment behavior of businesses in small economies. We run a panel regression to examine which financial factors influence corporate investment and study how business investment is affected by the previous year's cash flow, leverage ratio, asset turnover, liquidity, and sales volume. Our findings reveal robust evidence that the level of the investment of firms is negatively affected by the leverage ratio and positively affected by the asset turnover ratio. We also find that the cash flow to asset ratio has a negative but statistically insignificant affection investment. This implies that businesses in small economies are not interested in the capital market. Companies should consider taking the leverage ratio into account and incorporating it in their investment decision-making models.