本研究通過使用跨國數據樣本（包括 41 個國家、35,317 家公司和 493,752 家公司年觀察數據）檢驗國家地緣政治和國家風險對公司財務靈活性影響的國際證據。我們的研究使用閒置債務能力來判斷企業是否屬於財務靈活性公司並運行羅吉斯回歸。我們的實證結果表明，國家的地緣政治風險不利於公司的財務靈活性，而國家的金融風險可以激發公司的財務靈活性。此外，一個國家政治的穩定有利於企業的財務靈活性。我們使用滯後自變量運行二階段回歸分析，並研究國家風險的增量效應來處理可能的內生性問題。本論文一方面對企業進行決策有所幫助，也可以在政府制定相關政策或法律時能提供啟示意義。;This study examines the international evidence of the impact of country-specific geopolitical and country risk on firms’ financial flexibility by using a multinational data sample, which includes 41 countries, 35,317 firms, and 493,752 firm-year observations. Our study uses spare debt capacity to classify the financial flexibility firm and run logistic regression. Our empirical result documented that country-specific geopolitical risk is detrimental to a firm’s financial flexibility. In addition, the country′s financial risk can spur a firm’s financial flexibility. Moreover, the stability of the politics of a country is beneficial to a firm’s financial flexibility. To handle possible endogeneity issues, we run a 2SLS regression analysis, using lagged independent variables, and investigate the incremental effect of country risks. This paper is helpful to companies when making corporate decisions and provides implications for governments while making related policies or enacting the law.
