企业价值与动态盈余信息视角下持续竞争力研究

发布时间：2018-04-18 00:29

本文选题：企业价值 + 竞争优势　；参考：《湖南大学》2015年博士论文

【摘要】：企业所处的竞争环境和资本结构特征决定了企业投融资行为及其结果,进而决定了企业持续竞争优势的时效性。而在既有的公司投融资决策和经营中,企业投资动机对企业投融资决策形成具有重要影响。如果把企业资本结构及其优化策略视为一组变量,那么,企业的投融资适应能力所导致的投资决策与超额收益信息动态则决定了企业绩效持续性的效能,而这种转换机会可能会转化为经营期权的选择,进而影响到企业建立或扩大其持续竞争优势。本文通过对现有资本结构优化、持续竞争力、企业盈余与价值方面的现在文献的梳理,主要围绕公司的权益价值是持续经营价值和转换期权价值两部分价值之和这一思想来展开。其中,持续经营价值指公司依赖现有的资源使用方式,持续利用自身资源(包括技术、资产以及企业家才能等)所能创造出来的价值,这部分价值等于未来的期望收益折现到当期的加总。而转换期权则反映了公司“改变”(包括出售公司、改变公司经营战略以及破产清算等),进而使得总体价值高于持续经营价值的可能性。同时,本文发现资本结构与持续竞争优势之间有着紧密的联系,且研究的主流趋势认为持续竞争优势是产生企业盈余的一个中间变量。故尝试将转换期权的概念具体化到资本结构优化上,并将其的价值体现形式与企业盈余联系起来,并对转换期权添加非线性信息动态的假设,使研究企业盈余(转换期权的价值体现)与当期盈余信息之间的非线性关系成为可能。基于对持续经营价值与转换期权价值的分析,本文对传统的线性权益定价模型进行修正,即分别从两个方面将非线性效应引入到原有的线性模型中:首先,在持续经营的情况下考虑公司边际成本递增的效应,并引入税收摩擦;其次,将期权价值加入折现现金流框架,即=+。新的模型刻画了公司权益价值关于其营业收入的凹性关系:即公司的权益价值随公司营业收入单调递增,而其边际贡献却在递减。基于中国A股上市公司财务数据的实证结果表明:就单一行业而言,定价模型所描述的关系基本成立;但由于异质性的存在,不同行业的营业收入与权益价值之间并不存在同一的非线性协整关系。基于当期盈余与后期超额收益的非线性关系,本文通过非线性的角度诠释了融资方式选择问题。本文在超额收益动态过程中引入持续非零净现值投资、当期盈利能力以及公司融资适应能力对投资决策的影响,从而构建超额收益的非线性信息动态模型。这一引入资本投资的超额收益动态模型假定投资决策不仅受到超额盈利能力信号的指引,同时还受到融资适应能力的约束,且当期的超额盈利能力反映了经济租的持续性,从而为未来的超额盈利能力提供了有用的信息,而预期未来超额盈利能力又会对未来的资本投资产生影响。理论分析表明在将资本投资与融资内生化的情形中,未来超额收益与当期超额收益之间呈现非线性信息动态,而不是简单的线性信息动态。公司+1收益与期超额收益之间的斜率和曲率受融资适应能力的影响,即当企业仅需要少量融资时,股权融资优于债权融资;而当融资额较大时,债权融资则优于股权融资。以中国上市公司为样本的分组分段线性回归为本文非线性信息动态的理论分析提供了支持。
[Abstract]:The competitive environment of enterprises and capital structure determines the characteristics of corporate investment and financing behavior and results, and determine the effectiveness of enterprise's competitive advantage. In the existing investment and financing decision and management, corporate investment motivation on corporate investment and financing decisions has important influence. If the enterprise capital structure and its optimization strategy as a group of variables, then the dynamic enterprise financing ability to adapt to the investment decision and excess return information determines the performance of enterprise efficiency, and this conversion opportunities may be transformed into the option selection, and then affect the enterprise to establish or expand its sustainable competitive advantage. Through sustainable competitiveness to optimize the existing capital structure, corporate earnings and the value of the current literature, mainly around the company's equity value is goingconcern value and conversion period The two part is the value of the value of the right and the idea to expand. The goingconcern value refers to the company to rely on existing resources use, sustainable use of its own resources (including technology, assets and entrepreneur etc.) can create value, this value is equal to the expected income discount to the total. The conversion option reflects the company "change" (including the sale of the company, change the company's business strategy and bankruptcy liquidation etc.), which makes the overall value higher than the possibility of continuing value. At the same time, the paper found that there is close relation between capital structure and competitive advantage, and the research trend that sustainable competitive advantage is an intermediate variable of enterprise surplus. Therefore the conversion option will try to optimize the capital structure, which embodies the value form and enterprise surplus relation To add, and nonlinear dynamic information hypothesis on the conversion option, so the study of earnings (conversion option value) and the nonlinear relationship between the current earnings information possible. Analysis of the goingconcern value and conversion option value based on the linear pricing model of the traditional correction, namely from two aspects the nonlinear effect is introduced into the linear model in the original: firstly, considering the effect of increasing marginal cost of the company in the case of continuing operations, and the introduction of tax friction; secondly, the option value added discounted cash flow framework, namely =+. new model characterizes the relationship between the concavity of the corporate equity value on the operating income of the company is: the value of rights and interests with the company's operating income is increasing, but the marginal contribution is in decline. China A shares listed company financial data empirical results show that: Based on a single line The relationship between industry, pricing model described the basic establishment; but because of the heterogeneity, there is no nonlinear cointegration relationship between the different sectors of the same operating income and equity value. The nonlinear relationship between current earnings and excess returns based on the latter, this paper explains the financing way through non linear point selection problem in this article. The excess return in the dynamic process of introducing continuous non zero net present value of investment, the current profitability and corporate financing ability to adapt to the impact of investment decisions, the nonlinear dynamic model of information in order to build excess returns. The introduction of capital investment return dynamic model assumes that the investment decision is not only affected by the excess profitability signal guidance, but also by financing adaptation capacity constraints, and the current excess profitability reflects the persistent economic rent, which can force the excess profits for the future Provides useful information, and the expected future excess profitability would influence future capital investment. Theoretical analysis shows that in the case of capital investment and financing in biochemistry, future excess returns and excess returns the current nonlinear dynamic information, and is not a simple linear information dynamic between the company income and +1. During the period of excess returns by financing the ability to adapt to the slope and curvature effect, when the enterprise only need a small amount of financing, equity financing is better than equity financing; and when a large amount of financing, debt financing is better than equity financing. To China listed companies as a sample grouping of piecewise linear regression provides support for the theoretical analysis of nonlinear dynamic information.

【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F275

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