Impact of ERP Investment on Company Performance: Evidence from Manufacturing Firms in China  

作　　者：Lu Zhang Jinghua Huang Xin Xu 

机构地区：[1]Research Center for Contemporary Management, School of Economics and Management, Tsinghua University, Beijing 100084, China

出　　处：《Tsinghua Science and Technology》2012年第3期232-240,共9页清华大学学报（自然科学版（英文版）

基　　金：Supported by the National Natural Science Foundation of China (No. 70831003)

摘　　要：Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.

关 键 词：Enterprise Resource Planning （ERP） company performance Tobin＇s Q time-lagged effects 

分 类 号：F407.4[经济管理—产业经济] TN405[电子电信—微电子学与固体电子学]