企业投资行为、企业竞争优势与企业价值的关系研究

采用2007年之前在沪深A股上市的483家制造业公司的2007-2011年财务数据，实证研究了企业投资对企业竞争优势、企业价值的影响，以及企业竞争优势对企业价值的影响，结果显示：滞后一期投资与企业竞争优势相关，但它们之间不是简单的一次线性函数关系，企业竞争优势是企业投资的二次函数；滞后一期投资与本期企业价值相关，它们之间是二次函数关系；滞后一期竞争优势与当期企业价值负相关，滞后一期竞争优势在滞后一期投资与本期企业价值之间起到部分中介效应，滞后一期投资所提升出来的企业竞争优势显著降低了本期企业价值。

Research on the Relationship among Corporate Investment,Corporate Competitive Advantage and Firm Value

Based on the data of 483 Chine＇ s Listed Companies between 2007 and 2011, this paper investigates the relationship a- mong corporate investment, corporate competitive advantage and firm value, the results show that corporate investment of the first lag phase is correlated to corporate competitive advantage, they are not simply a linear function relationship, but a quadratic function relationship; investment of the first lag phase is correlated to current firm value with a quadratic function ; corporate competitive advantage of the first lag phase is negatively correlated to enterprise value, and plays a partial mediating effect between corporate investment of the first lag phase and enterprise value.