以价值创造能力为代理变量的企业成长能力模型和框架体系
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摘要
企业成长能力是对企业经济活力的综合性描述,具有理论上的客观性、系统性和动态性。单一的企业成长能力模型只是反映了企业成长质量的部分特征。基于"企业成长机会集"概念,以价值创造能力为代理变量,企业短期成长能力可定义为企业的短期价值创造能力;企业长期成长能力由具有不同性质的企业可持续成长能力、再投资价值创造能力和潜在成长能力三种能力组成。源于A股上市公司的经验证据表明,企业成长能力不是一个"伪概念"。以价值创造能力为代理变量的企业成长能力模型和框架体系实现了企业成长在内容和形式上的有效统一,为企业积极应对新时代,进行业绩评价和经营管理决策提供了一种新的理论依据和方法。
Business growth ability is a comprehensive description of a company's economic vitality, which is theoretically objective,systematic, and dynamic. The single growth ability model can only reflect some features of the company's growth quality. Based on the concept of "business growth opportunity set", with the value creation ability as a proxy variable, a company's short-term growth ability can be defined as the short-term value creation ability; a company's long-term growth ability comprises of its sustainable growth ability, reinvestment value creation ability, and potential growth ability. Relevant empirical evidence from A-share listed companies indicates that business growth ability is not a "pseudo concept". The business growth ability model and framework system with value creation ability as a proxy variable realize the effective unity of content and form in business growth ability, providing a new theoretical basis and approach for a company's performance evaluation and management decision making to actively respond to the new era.
Business growth ability is a comprehensive description of a company's economic vitality, which is theoretically objective,systematic, and dynamic. The single growth ability model can only reflect some features of the company's growth quality. Based on the concept of "business growth opportunity set", with the value creation ability as a proxy variable, a company's short-term growth ability can be defined as the short-term value creation ability; a company's long-term growth ability comprises of its sustainable growth ability, reinvestment value creation ability, and potential growth ability. Relevant empirical evidence from A-share listed companies indicates that business growth ability is not a "pseudo concept". The business growth ability model and framework system with value creation ability as a proxy variable realize the effective unity of content and form in business growth ability, providing a new theoretical basis and approach for a company's performance evaluation and management decision making to actively respond to the new era.
引文
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[2]郑浩,王贤.动态环境下企业成长能力评价研究[J].河北大学学报(哲学社会科学版),2015(4).
[3]温素彬,薛恒新.基于科学发展观的企业三重绩效评价模型[J].会计研究,2005(4).
[4]郭复初,郑亚光.经济可持续发展财务论[M].北京:中国经济出版社,2006:194-196.
[5]贺小刚,李新春,方海鹰.动态能力的测量与功效:基于中国经验的实证研究[J].管理世界,2006(3).
[6]MILLER M H,MODIGLIANI F.Dividend Policy,Growth,and the Valuation of Shares[J].The Journal of Business,1961(4).
[7]MYERS S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977(2).
[8]SMITH C W,WATTS R L.The Investment Opportunity Set and Corporate Financing,Dividend,and Compensation Policies[J].Journal of Financial Economics,1992(3).
[9]ADAM T,GOYAL V K.The Investment Opportunity Set and Its Proxy Variables[J].Journal of Financial Research,2008(1).
[10]HUANG W,PAUL D L.Institutional holdings,investment opportunities and dividend policy[J].The Quarterly Review of Economics and Finance,2017(64).
[11]赵宇龙,易琮.对我国各行业长期成长能力的实证考察:一种市场视角[J].经济研究,1999(6).
[12]王钦,贺俊.我国企业成长力分析的理论基础和指标体系构建[J].经济管理,2008(10).
[13]薛求知,徐忠伟.企业生命周期理论:一个系统的解析[J].浙江社会科学,2005(5).
[14]伊迪斯·彭罗斯.企业成长理论[M].赵晓,译.上海:上海人民出版社,2007:1-2.
[15]吴清津,陈涛.中国企业持续成长探究[J].北京商学院学报,2000(4).
[16]李占祥.矛盾管理理论[J].南通师范学院学报(哲学社会科学版),2001(2).
[17]计东亚.新创企业成长能力的评价方法[J].经济研究参考,2015(56).
[18]R.A.Brealey,S.C.Myers,F.Allen.公司财务原理[M].罗菲,译.大连:东北财经大学出版社,2010:98-99.
[19]OHLSON J A.Earnings,Book Values,and Dividends in Equity Valuation:An Empirical Perspective[J].Contemporary Accounting Research.1995(2).
[20]王茵田,朱英姿.中国股票市场风险溢价研究[J].金融研究,2011(7).
[21]赵宸浩,李坤明,郑旗山,黄和亮.股市风险溢价的非对称性研究——基于传媒行业指数的分位数回归分析[J].福建农林大学学报(哲学社会科学版),2017(4).
[22]Jack.关于市场风险溢价的全球调查[EB/OL].(2013-08-04).http://blog.sina.com.cn/s/blog_50a9598801018k3q.html.
[23]方光正,王坤.中国出版发行上市公司财务竞争力评价与提升对策探究[J].出版发行研究,2015(11).
[24]杨千帆,刘海飞.2014年我国新闻出版上市企业盈利及成长能力研究[J].中国出版,2015(16).
[25]常晓红,王海云.中国新闻出版业上市公司经营效率研究——基于DEA模型的分析[J].现代出版,2016(3).
[26]朱静雯,方爱华,陆朦朦.我国出版上市公司竞争力研究——基于2013—2015年A股上市公司的财务数据[J].中国出版,2016(17).
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[28]芮明杰.知识型企业的成长与创新[M].上海:上海人民出版社,2006:1.
[29]王化成.高级财务管理[M].北京:中国人民大学出版社,2017:60.