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| 产权保护、业务变更与企业绩效 | |
| 引用本文： | 张天舒,张人骥,黄俊. 产权保护、业务变更与企业绩效[J]. 经济管理, 2010, 0(6) |
| 作者姓名： | 张天舒 张人骥 黄俊 |
| 作者单位： | 上海对外贸易学院;上海国家会计学院;上海财经大学会计学院; |
| 基金项目： | 国家自然科学基金项目“中国会计准则:国际趋同的经济后果与博弈”(70672118) |
| 摘 要： | 针对我国上市公司频频发生的业务变脸行为,本文考察了产权保护对上市公司主营业务变更的影响及其经济后果。研究发现,在产权保护越差的地区,由于研发投入的不足和已有竞争优势的较快散失,公司更易变更自己的经营主营业务;国有公司由于更多地得到政府支持,产权保护对其主营业务变更的影响较弱,且这一结果主要集中于政府绝对控股和直接持股的公司。短期内,通过改变经营主营业务,公司业绩得到改善,但长期来看,由于竞争力的缺乏和发展后劲不足,主营业务变更公司的市场表现较差。 |
| 关 键 词： | 产权保护 主营业务变更 企业绩效 |
Property Rights Protection,Business Change and Firm Performance |
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| ZHANG Tian-shu,ZHANG Ren-ji,HUANG Jun. Property Rights Protection,Business Change and Firm Performance[J]. Economic Management, 2010, 0(6) | |
| Authors: | ZHANG Tian-shu ZHANG Ren-ji HUANG Jun |
| Affiliation: | ZHANG Tian-shu1,ZHANG Ren-ji2,HUANG Jun3(1.Shanghai Institute of Foreign Trade,Shanghai,201620,China,2.Shanghai National Accounting Institute,201702,3.Shanghai University of Finance and Economics,200433,China) |
| Abstract: | Based on business change of Chinese listed companies,this paper investigates the relationship of property rights protection and firm operation.It is found that firms are more likely to change their core operation when property rights protection is poor.To SOEs the support of government weakens the effect of property rights on business change.Further,the weakening relationship is more pronounced to SOEs in that the government is the majority shareholder and directly holds the company ownership.As for the eco... |
| Keywords: | property rights protection operation change firm performance |
| 本文献已被 CNKI 等数据库收录！ | |