金融危机环境下冗余资源与业绩波动性的实证关系研究

发布时间：2018-06-21 20:33

本文选题：冗余资源 + 可利用冗余资源　；参考：《浙江工商大学》2014年硕士论文

【摘要】：冗余资源是否具有应对外界突变、抵御突发风险、提高企业灵活性的作用,学者们一直存在争议。2008年金融危机后,企业经营的外部环境复杂多变,冗余资源研究得到了国内外学者的高度关注。在金融危机环境下,冗余资源作为企业的积累性资源,它可以帮助企业应对外部环境的突变,起到缓冲作用。但是对于冗余资源的缓冲应变作用是否有效,实证的证据尚且不足。而金融危机是一次未知的、不可控的外部环境突变,这为检验冗余资源的缓冲应变作用提供了良好的情境。本文以金融危机情境为研究背景,通过对企业冗余资源与企业业绩波动性之间的关系进行实证分析,验证冗余资源在突发情境下的缓冲应对作用。为此,本文选取2005-2010年上交所和深交所上市公司共4086个研究样本,以公司绩效总量与业绩波动性(风险角度)分析为切入点,分析冗余资源对公司横向和纵向业绩波动性的影响。同时,加入金融危机的情景影响,使得本文更具有缓冲性检验的意义。通过实证研究,本文得到以下结论：(1)通过对冗余资源的总体存量进行分析发现,冗余资源对于公司绩效和公司业绩波动性存在显著的相关关系,冗余资源能提高企业绩效,但也会增加企业业绩的风险；(2)通过对不同类型的冗余资源分析发现,可利用冗余资源及潜在冗余资源存量越大,公司的绩效越高,但公司业绩的风险也越大；可重复利用冗余资源会降低企业绩效,同时加大企业业绩风险；(3)通过加入金融危机的环境调节因素分析发现,可利用冗余资源与潜在冗余资源与公司业绩波动性之间的正向关系减弱。在此基础上,本文结合中国目前的现实情况以及企业的实际状况提出了相关的政策建议。
[Abstract]:Whether the redundant resources can deal with the sudden change of the outside world, resist the sudden risks and improve the flexibility of the enterprise, has always been disputed by scholars. After the financial crisis of 2008, the external environment of the enterprise management is complex and changeable. The research of redundant resources has been highly concerned by scholars at home and abroad. In the environment of financial crisis, redundant resources, as the accumulated resources of enterprises, can help enterprises cope with the sudden changes in the external environment and play a buffer role. However, there is insufficient empirical evidence on whether the buffer effect of redundant resources is effective. However, the financial crisis is an unknown and uncontrollable sudden change of external environment, which provides a good situation for testing the buffer effect of redundant resources. This paper takes the financial crisis situation as the research background, through the empirical analysis of the relationship between the redundant resources and the enterprise performance volatility, verify the buffer response of redundant resources in the sudden situation. Therefore, this paper selects 4086 research samples of listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2005 to 2010, and analyzes the influence of redundant resources on horizontal and vertical performance volatility of companies through the analysis of total corporate performance and performance volatility (risk angle). At the same time, adding the impact of the financial crisis makes this paper have the significance of buffer test. Through empirical research, this paper draws the following conclusion: 1) by analyzing the total stock of redundant resources, we find that there is a significant correlation between redundant resources and corporate performance volatility, and redundant resources can improve corporate performance. However, it will also increase the risk of enterprise performance. (2) through the analysis of different types of redundant resources, it is found that the larger the stock of available redundant resources and potential redundant resources, the higher the performance of the company, but the greater the risk of corporate performance; The reusable use of redundant resources will reduce the performance of enterprises and increase the risk of enterprise performance. (3) through the analysis of environmental adjustment factors after joining the financial crisis, it is found that, The positive relationship between available redundant resources and potential redundant resources and firm performance volatility is weakened. On this basis, this paper puts forward some relevant policy suggestions according to the current situation of China and the actual situation of enterprises.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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