精益生产对企业价值的影响——基于融资能力的中介作用
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摘要
通过实证探索精益生产、融资能力和企业价值间的关系,即研究实施精益生产能否提高企业价值,以及融资能力是否中介精益生产与企业价值之间的关系。以2011—2015年沪深两市A股上市公司的数据作为研究样本,采用倾向值评分匹配法和倍差法相结合的方法来控制样本的选择性偏误和减少内生性。研究发现企业实施精益生产能够带来企业价值的显著提升,且融资能力显著中介了精益生产与企业价值之间的关系。
The chapter aims at exploring the relation among lean production, financing capacity and enterprise value through empirical study, namely research whether the implementation of lean production could improve the enterprise value and whether the financial capacity mediates the relation between lean production and enterprise value. The alignment score matching method and the difference-in-difference are combined to control the selective bias of samples and reduce the endophytism with the data of A-share listing company in Shanghai and Shenzhen in 2011—2015 as the research sample. The lean production of enterprise could significantly enhance the enterprise value, and the financing capacity significantly mediates the relation between lean production and enterprise value.
The chapter aims at exploring the relation among lean production, financing capacity and enterprise value through empirical study, namely research whether the implementation of lean production could improve the enterprise value and whether the financial capacity mediates the relation between lean production and enterprise value. The alignment score matching method and the difference-in-difference are combined to control the selective bias of samples and reduce the endophytism with the data of A-share listing company in Shanghai and Shenzhen in 2011—2015 as the research sample. The lean production of enterprise could significantly enhance the enterprise value, and the financing capacity significantly mediates the relation between lean production and enterprise value.
引文
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[ 2 ] Hofer C,Eroglu C,Hofer A R.The Effect of Lean Production on Financial Performance:The Mediating Role of Inventory Leanness[J].International Journal of Production Economics,2012,138(2):242-253.
[ 3 ] Ahmad A ,Mehra S,Pletcher M.The Perceived Impact of JIT Implementation on Firms' Financial/Growth Performance[J].Journal of Manufacturing Technology Management,2004,15(2):118-130.
[ 4 ] Yang M G M,Hong P,Modi S B.Impact of Lean Manufacturing and Environmental Management on Business Performance:An Empirical Study of Manufacturing Firms[J].International Journal of Production Economics,2011,129(2):251-261.
[ 5 ] Demirbag M,Tatoglu E,Tekinkus M,et al.An Analysis of the Relationship between TQM Implementation and Organizational Performance:Evidence from Turkish SMEs[J].Journal of Manufacturing Technology Management,2006,17(6):829-847.
[ 6 ] 裴政钊,蔺宇,张可为.基于模糊理论的精益绩效评价模型及应用[J].甘肃科学学报,2016,28(3):97-102.
[ 7 ] 李明海.关于企业生产经营精益管理的研究[J].经贸实践,2018,(7):183.
[ 8 ] Bendig D,Strese S,Brettel M.The Link Between Operational Leanness and Credit Ratings[J].Journal of Operations Management,2017,52:46-55.
[ 9 ] 郑奕.融资约束的影响因素及其与企业价值的相关性研究[D].南昌:南昌大学,2017.
[10] Smith J A,Todd P E.Does Matching Overcome Lalonde's Critique of Nonexperimental Estimators?[J].Journal of Econometrics,2005,125(1-2):305-353.
[11] Hadlock C J,Pierce J R.New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].The Review of Financial Studies,2010,23(5):1909-1940.