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文章对中国上市公司体现不同发展倾向的投资与企业绩效之间的关系进行了理论分析,并以2002-2004年的上市公司为样本进行了实证检验。研究表明,体现集约化经营的投资支出对企业绩效产生显著的正面影响,体现粗放式发展的投资对企业绩效的影响为正,但都不显著。进一步,两种不同类型的投资在不同产权约束下的企业中对绩效的影响不同,体现出的代理问题也不同。
The article makes a theoretical analysis of the relationship between Chinese listed companies’ investment which reflects different development tendencies and their performance, and conducts empirical tests with the listed companies from 2002 to 2004 as samples. The research shows that the investment expenditure that reflects the intensive management has a significant positive impact on the performance of the enterprise, and the investment that reflects the extensive development has a positive impact on the performance of the enterprise, but both are insignificant. Further, the impact of two different types of investments on performance is different for firms under different ownership constraints, and the agency problems are also different.