财务柔性这一话题活跃于金融危机之后,由于其兼具防范风险和抓住投资机会的能力,因此成为近年来学术界的热门话题。本文从非效率投资的两个方面——投资不足和投资过度对财务柔性进行分析。研究结果显示财务柔性对非效率投资有重大影响,且影响作用于非效率投资的两个方面得到的效果不相同。 The topic of financial flexibility is active in the aftermath of the financial crisis, and has become a hot topic in academic circles in recent years due to its ability to guard against risks and seize investment opportunities. This article analyzes two aspects of inefficient investment - underinvestment and overinvestment. The results show that financial flexibility has a significant impact on inefficient investment, and the effect of the two effects on inefficient investment is not the same.