企业增长状态的三维测度及其财务后果——来自中国制造业上市公司实证证据  

Three-dimensional Evaluation and Financial Effect of Enterprise's Growth Status:Empirical Evidence Based on China Listed Companies in Manufacturing Industry

作　　者：周浪波[1] 关键[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《财经理论与实践》2014年第5期65-68,共4页The Theory and Practice of Finance and Economics

基　　金：教育部人文社科基金项目(13YJA630020);中南大学教师研究基金(中国企业盈利持续性研究)

摘　　要：从增长同步性、增长稳健性和增长稳定性三个维度测度企业增长状态,并以我国制造业上市公司2010~2012年财务数据为样本,考察了企业增长状态的财务后果。研究发现,增长同步性、增长稳定性均显著提高了公司盈利能力并降低了财务风险,而实际增长率与可持续增长率的偏离度与盈利能力显著负相关,与财务风险显著正相关。Based on the financial data of China listed companies in manufacturing industry from 2010 to 2012, this study analyzed the financial effect of the corporate growth, including the profitability and financial risks, through the evaluation of growth synchronicity, growth robustness and growth stability. It found that the growth synchronicity and growth robustness both significantly improved the corporate profitability and reduced the financial risk. Moreover, the deviations of real growth rate and sustainable growth rate were significantly negatively correlated with the corporate profitability, but positively correlated with the financial risks.

关 键 词：企业增长 财务后果 盈利能力 财务风险 

分 类 号：F812.2[经济管理—财政学]