企业对外直接投资微观绩效研究  

Empirical Study on Performance of Chinese Companies in FDI

作　　者：曹荣鹏 衣长军[2] 

机构地区：[1]华侨大学华商研究院,福建泉州362021 [2]华侨大学东方企业管理研究中心,福建泉州362021

出　　处：《哈尔滨商业大学学报（社会科学版）》2014年第6期12-19,共8页Journal of Harbin University of Commerce:Social Science Edition

基　　金：教育部人文社会科学研究一般项目(13YJA790140);中央高校基本科研业务费资助华侨大学哲学社会科学青年学者成长工程项目(12SKGC-QT11);福建省社科规划项目(2013B112)

摘　　要：以2007—2010年我国A股上市公司发生对外直接投资事件作为样本,一方面运用事件研究法探讨我国企业对外直接投资的市场绩效;另一方面结合因子分析法和数据包络分析考察财务绩效。研究表明,我国企业开展对外直接投资在短期内能够给股东带来一定的财富效应;在财务绩效方面,五年内财务变化趋势大致呈"V"型,对外投资完成后第三年业绩水平有所提高,但低于投资前一年,企业对外直接投资短期综合绩效未能明显改善。This paper taking FDI undertaken by Chinag A shares of listed companies during 2001 -2010 as the examples , on one hand uses event study to explore the FDI of Chinese companies market performance ; on the other hand, combined with faetor analysis and DEA examines the finan- cial performance. Research shows that, FDI can bring financial performance in the short term to the shareholders of companies ; in the financial per- formanee, financial trend is roughly ＂V＂ type within five years, third years financial performance has increased but less than a year ago, FDI of companies performance has not been improved obviously.

关 键 词：FDI 微观绩效 事件研究法 因子分析 DEA 

分 类 号：F832.5[经济管理—金融学] F830.59