企业战略对企业投资行为的影响研究——基于我国A股上市企业的研究
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摘要
本研究以2013-2017年我国A股上市企业为研究样本,研究了企业战略对企业投资行为的影响。实证分析结果表明,当企业战略越趋向于探索型,企业越可能进行过度投资。本文从企业战略异质性的视角出发,结合战略理论与财务理论进行研究,丰富了企业战略对企业投资行为的影响研究,同时也为管理层正确认识并制定企业战略提供了参考。
This study takes Chinese A-share listed companies from 2013 to 2017 as samples to research the impact of corporate strategy on corporate investment behavior. Empirical analysis shows that when corporate strategy tends to be exploratory, enterprises are more likely to overinvest.From the perspective of strategic heterogeneity, this paper combines strategic theory with financial theory to study the impact of corporate strategy on corporate investment behavior, and also provides a reference for management to correctly understand and formulate corporate strategy.
This study takes Chinese A-share listed companies from 2013 to 2017 as samples to research the impact of corporate strategy on corporate investment behavior. Empirical analysis shows that when corporate strategy tends to be exploratory, enterprises are more likely to overinvest.From the perspective of strategic heterogeneity, this paper combines strategic theory with financial theory to study the impact of corporate strategy on corporate investment behavior, and also provides a reference for management to correctly understand and formulate corporate strategy.
引文
[1]Lin C,Tsai H L,Wu J C.Collaboration strategy decisions-making using the Miles and Snow typology[J].Journal of business research,2014(9):1979-1990.
[2]MILES.R.E,SNOW.C.C.Organizational strategy,structure and process[M].New York:Mc Graw-Hill,1978.
[3]MILES.R.E,SNOW.C.C.Organizational strategy,structure,and process[M].Stanford,C A:Stanford University Press,2003.
[4]Jensen M.C.Agency costs of free cash flow,corporate finance,and takeovers[J].American economics review,1986(2):323-329.
[5]Beatty,A.,S.Liao,and J.Weber.“The effect of private information and monitoring on the role of accounting quality in investment decisions”[J].Contemporary accounting research,2010,7:17-47.
[6]Chen,F.,O.K.Hope,Q.Y.Li,and W.Xin.Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets[J]The Accounting Review,2011(4):1255-1288.
[7]王维,章品锋,孙鸣阳,乔朋华.政府干预对企业过度投资及其后果影响研究-基于产权性质与政治关联的调节视角[J].会计之友,2017(11):68-74.
[8]姚曦,张珂.管理者权力、薪酬契约与过度投资-基于产品市场竞争视角的研究[J].会计之友,2018(17):19-25.
[9]于晓红,姜百灵,李阳.现金股利、自由现金流与投资效率的关系-基于我国A股制造业上市公司样本数据的分析[J].当代经济研究,2017(1):80-88.
[10]修国义,于丽萍,宋丽平.信息披露质量对企业投资效率的影响研究[J].会计之友,2019(1):127-131.
[11]王国明.投资者情绪、管理层特征与投资行为相关性研究[J].财会通讯,2017(3):64-68.
[12]严若森,张志健.家族控制权结构对企业过度投资的影响-外部制度环境的调节作用[J].财贸研究,2016(3):138-147.
[13]谢众,孔令翔.高管过度自信、内部控制与投资效率-基于中国A股上市公司数据的经验证据[J].工业技术经济,2018(7):59-66.
[14]杨芳,杨悦莹,所怡君.会计稳健性、审计监督与投资效率[J].会计之友,2018(18):146-151.
[15]苏美玲,符蓉,朱芳慧,陈辉.女性董事、过度投资与企业绩效[J].财会通讯,2018(27):50-55.
[16]王化成,张修平,高升好.企业战略影响过度投资吗?[J].南开管理评论,2016(4):87-97.
[17]汪泽.企业战略、审计监督与非效率投资[D].大连:东北财经大学,2017.
[18]Habib A,Hasan M M.Business strategy,overvalued equities,and stock price crash risk[J].Research in international business&finance,2017,39:389-405.
[19]BENTLEY.K.A,OMER.T.C,SHARPNY.Business strategy,financial reporting irregularities,and audit effort[J].Contemporary Accounting Research,2013(2):780-817.
[20]叶康涛,董雪雁,崔倚菁.企业战略定位与会计盈余管理行为选择[J].会计研究,2015(10):23-29.
[21]Higgins D,Omer T C,Phillips J D.The influence of a firm’s business strategy on it’s tax aggressiveness[J].Contemporary accounting research,2015(2):674-702.
[22]Richardson S.Over-investment of free cash flow[J],Review of accounting studies,2006(2):159-189.
[2]MILES.R.E,SNOW.C.C.Organizational strategy,structure and process[M].New York:Mc Graw-Hill,1978.
[3]MILES.R.E,SNOW.C.C.Organizational strategy,structure,and process[M].Stanford,C A:Stanford University Press,2003.
[4]Jensen M.C.Agency costs of free cash flow,corporate finance,and takeovers[J].American economics review,1986(2):323-329.
[5]Beatty,A.,S.Liao,and J.Weber.“The effect of private information and monitoring on the role of accounting quality in investment decisions”[J].Contemporary accounting research,2010,7:17-47.
[6]Chen,F.,O.K.Hope,Q.Y.Li,and W.Xin.Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets[J]The Accounting Review,2011(4):1255-1288.
[7]王维,章品锋,孙鸣阳,乔朋华.政府干预对企业过度投资及其后果影响研究-基于产权性质与政治关联的调节视角[J].会计之友,2017(11):68-74.
[8]姚曦,张珂.管理者权力、薪酬契约与过度投资-基于产品市场竞争视角的研究[J].会计之友,2018(17):19-25.
[9]于晓红,姜百灵,李阳.现金股利、自由现金流与投资效率的关系-基于我国A股制造业上市公司样本数据的分析[J].当代经济研究,2017(1):80-88.
[10]修国义,于丽萍,宋丽平.信息披露质量对企业投资效率的影响研究[J].会计之友,2019(1):127-131.
[11]王国明.投资者情绪、管理层特征与投资行为相关性研究[J].财会通讯,2017(3):64-68.
[12]严若森,张志健.家族控制权结构对企业过度投资的影响-外部制度环境的调节作用[J].财贸研究,2016(3):138-147.
[13]谢众,孔令翔.高管过度自信、内部控制与投资效率-基于中国A股上市公司数据的经验证据[J].工业技术经济,2018(7):59-66.
[14]杨芳,杨悦莹,所怡君.会计稳健性、审计监督与投资效率[J].会计之友,2018(18):146-151.
[15]苏美玲,符蓉,朱芳慧,陈辉.女性董事、过度投资与企业绩效[J].财会通讯,2018(27):50-55.
[16]王化成,张修平,高升好.企业战略影响过度投资吗?[J].南开管理评论,2016(4):87-97.
[17]汪泽.企业战略、审计监督与非效率投资[D].大连:东北财经大学,2017.
[18]Habib A,Hasan M M.Business strategy,overvalued equities,and stock price crash risk[J].Research in international business&finance,2017,39:389-405.
[19]BENTLEY.K.A,OMER.T.C,SHARPNY.Business strategy,financial reporting irregularities,and audit effort[J].Contemporary Accounting Research,2013(2):780-817.
[20]叶康涛,董雪雁,崔倚菁.企业战略定位与会计盈余管理行为选择[J].会计研究,2015(10):23-29.
[21]Higgins D,Omer T C,Phillips J D.The influence of a firm’s business strategy on it’s tax aggressiveness[J].Contemporary accounting research,2015(2):674-702.
[22]Richardson S.Over-investment of free cash flow[J],Review of accounting studies,2006(2):159-189.