资本错配、资产专用性与公司价值——基于营业活动重新分类的视角

发布时间：2018-03-08 08:42

本文选题：资本错配　切入点：营业活动　出处：《中国工业经济》2017年03期 　论文类型：期刊论文

【摘要】：在新常态下,改善资本等要素的配置效率是实现经济增长方式转变的重要途径。随着经济社会的不断发展,投资活动和经营活动共同组成营业活动的观念正逐渐深入人心,在营业活动重新分类的背景下,对于资本配置的研究可以进一步深入到企业的营业活动中去。本文构建基于营业活动重新分类视角下的企业资本错配指标,并通过对2006—2015年A股上市公司的实证分析,发现资本错配现象在中国普遍存在,且资本错配越严重的企业具有越低的公司价值(ROA和Tobin Q)。进一步分析发现,资产专用性的增大,会加剧资本错配对会计绩效(ROA)的负面作用,但会缓解资本错配对市场绩效(Tobin Q)的负面作用。本文基于营业活动重新分类的视角,发现了损害公司价值的一种资本错配情况,拓展了微观资本配置的研究视角,为上市公司内部的资本配置提供了参考与建议。
[Abstract]:Under the new normal condition, improving the allocation efficiency of capital and other factors is an important way to realize the transformation of economic growth mode. With the development of economy and society, the concept that investment activities and business activities together constitute business activities is gradually becoming more and more popular. Under the background of re-classification of business activities, the research on capital allocation can be further deepened into the business activities of enterprises. This paper constructs the capital mismatch index based on the perspective of re-classification of business activities. Through the empirical analysis of A-share listed companies from 2006 to 2015, it is found that the phenomenon of capital mismatch is widespread in China, and the more serious the mismatch of capital is, the lower the company value is. It will aggravate the negative effect of capital mismatch accounting performance and alleviate the negative effect of Tobin Q.Based on the re-classification of business activities, this paper finds a kind of capital mismatch that damages the value of the company. The research angle of micro-capital allocation is expanded to provide references and suggestions for the internal capital allocation of listed companies.
【作者单位】：中国海洋大学管理学院、中国企业营运资金管理研究中心;中国海洋大学管理学院;
【基金】：国家自然科学基金面上项目“利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设”(批准号71372111) 国家社会科学基金青年项目“微观企业资本错配成因与化解对策研究”(批准号16CJY007)
【分类号】：F275;F832.51

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