企业增长和盈利能力的相互影响——基于中国工业企业数据库的分析  

The Interaction between Firm Growth and Profitability: An Analysis Based on China Industry Business Performance Data

作　　者：张涛[1] 陈体标[2] 刘婷[1] 

机构地区：[1]复旦大学经济学院,上海200433 [2]华东师范大学经济学院,上海200062

出　　处：《江西财经大学学报》2016年第3期3-19,130,共17页Journal of Jiangxi University of Finance and Economics

基　　金：国家自然科学基金项目"资本积累;结构变化与劳动收入份额:理论模型;数值模拟及其政策含义"(71103041);国家社会科学基金项目"劳动份额与经济结构的关系研究"(09CJL022);教育部人文社科一般项目"扩大消费需求:基于产业结构与收入分配的视角"(09YJC790042);上海市教委科研创新重点项目"二元经济下的产业壁垒;劳动力转移与结构变化"(12ZS010)

摘　　要：选取1999-2007年中国工业企业数据库,利用固定效应模型和GMM估计方法研究企业增长与盈利能力的相互影响。结果显示:盈利能力的提高会推动企业增长,但企业增长的加快会降低盈利能力。从三个方面进一步检验:首先,将数据由非平衡面板转化为平衡面板,回归结果总体不变;其次,构造二次函数和分段函数,结果表明两者之间可能存在非线性关系,但基本结论保持不变;最后,不同特征的企业,盈利能力与企业增长的相互关系存在差异。By selecting the data from China Industry Business Performance Data during 1999-2007,this paper examines the interaction between firm growth and profitability with the fixed effect model and GMM estimation method. The results reveals that the improvement of profitability can push the growth of enterprises, however, the speed-up of firm growth would reduce the profitability. This examination is carried out from three aspects: firstly, the data is turned from non-balanced panel into balanced panel, the regression result is generally unchanged; secondly, quadratic function and piecewise function are constructed, the result shows that there may exist a nonlinear relationship between them, but the basic conclusion keeps unchanged; finally, there do exist differences in the correlation between firm growth and profitability among enterprises with different characteristics.

关 键 词：企业增长 盈利能力 平衡面板 非线性关系 企业特征 

分 类 号：F270[经济管理—企业管理]