预算软约束、企业成长及其效率  

Soft Budget Constraint,Enterprises' Growth and Efficiency

作　　者：齐岳[1,2] 孙信明[1] 

机构地区：[1]南开大学商学院,天津300071 [2]南开大学中国公司治理研究院,天津300071

出　　处：《预测》2015年第2期1-6,共6页Forecasting

基　　金：教育部人文社会科学重点研究基地重大资助项目(14JJD630007);国家自然科学基金重点资助项目(71132001);教育部人文社会科学研究基金资助项目(09YJC630133)

摘　　要：中国500强有世界级愿景的企业具有高速的成长性,本文研究了其成长的逻辑。由于预算软约束的存在,500强企业不断提高负债,以促进规模的增长。本文研究发现,随着企业财务杠杆的提高,流动资产也大幅度增长,并对企业成长起到部分中介作用,而固定资产在企业总资产比重中显著下降,绝对量也没有显著地提高。这说明,企业在成长过程中,主要依靠的是资源,而没有提高其增长的技术含量,并实现产业升级。销售的增长增加了企业的价值,但是在资产负债率的调节作用下,企业价值反而下降,500强企业的世界级愿景在引领企业做大的同时没有做强。Chinese top 500 enterprises which have world-class visions grow rapidly,and this paper investigates the logic under the growth. Because of the soft budget constraint,the top 500 enterprises enlarge their debts continually in order to promote the growth of their scales. This paper finds that as the enterprises＇ financial leverage increase,the current assets augment substantially as well,and it brings partial mediating effects to the growth of the enterprises. But the percentage of the fixed assets to the total assets decreases sharply. This reveals that the growth of the enterprises mainly depends on resources,but not on the techniques. The sales growth increases the value of the enterprises,while decreasing the moderating effect of financial leverage. The world-class visions of the Chinese top 500 enterprises only lead the enterprises to larger scales but fail to help them grow stronger.

关 键 词：500强企业 预算软约束 企业成长 效率 

分 类 号：F275[经济管理—企业管理]