我国上市企业对外投资绩效的实证研究  

An Empirical Study on China Listed Firms' Investing Performance Abroad

作　　者：林莎[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《国际商务（对外经济贸易大学学报）》2009年第4期47-53,共7页INTERNATIONAL BUSINESS

基　　金：国家杰出青年科学基金项目(70125002);中南大学商学院中小企业发展研究中心的资助

摘　　要：随着贸易、投资自由化的蓬勃发展,我国上市企业对外投资越来越明显。本文采用以财务指标为基础的综合评价方法来衡量上市企业对外投资前后的业绩变动,并以此分析和检验了2002-2005年间我国上市企业对外投资的绩效。分析结果表明:我国上市企业对外投资绩效在整体上有一个先升后降的过程,尽管上市企业对外投资后第一年经营业绩会有一定的提升,但提升缺乏长期性;不同对外投资类型绩效不相一致,其中战略联盟对企业绩效有显著提升;民营控股上市企业的对外投资效果要优于国有控股的上市企业以及集体控股企业。With the trade and investment liberalization, China listed firms＇ investment abroad develops rapidly. Applying the comprehensive evaluation method based on financial indices, this paper measures the change of performance before and after their investing behaviors, and based on which this paper analyzes and tests China listed firms＇ investing performance abroad in the period of 2002-2005. The results show that： on the whole, China listed firms＇ investing performance abroad increases firstly and then decrease, and in spite of the operating performance increase to some extent in the first year of investing abroad, the increase lacks of endurance; different types of investment has different performance, and the strategic alliance has prominently increase corporate performance; the investing performance of private-owned holding listed firms are better than that of state-owned holding listed firms and collective holding listed firms.

关 键 词：上市企业 对外投资 绩效 投资类型 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]