从存货管理的视角看中国市场化改革和国企改革——基于制造业上市公司的实证研究  

A Review of China's Market and State-owned Companies Reform from the View of Inventor Management——Empirical Evidence from Chinese Listed Companies

作　　者：欧阳峰[1] 曾靖[1] 

机构地区：[1]汕头大学商学院,广东汕头515063

出　　处：《经济与管理评论》2016年第3期61-72,共12页Review of Economy and Management

基　　金：教育部人文社会科学规划基金项目"机会探索与手段导向理性决策模型"子项目(项目编号:13YJAZH128);汕头大学学术创新团队建设项目"中小企业管理创新研究"(项目编号:ITC10004)的阶段性成果

摘　　要：以2005-2014年沪深制造业A股上市公司为样本,检验了最终控制人、存货管理效率与企业价值之间的关系,论述了我国经营环境与国企可能存在的问题以及这些问题可能对企业营运管理带来的影响。结果表明,2005-2014年中国制造业上市公司的存货周转速度没有提高。尽管国有企业较非国有企业存货周转速度高,但企业价值却较低,反映了中国市场机制的不完善给国企造成的低效率。JIT等高效存货管理系统的应用对企业价值的增加作用有限,非国企的受限程度大于国企,说明了存货管理效率的提高不能对促进企业成长发挥重要作用,反映了市场机制的不完善使国企与非国企并未成为平等的市场主体,对非国企的不利影响大于国企。Taking A listed manufacturing companies from 2005 to 2014 as samples, the relationship between the ultimate controllers, the inventory turnover rate and the enterprises value was tested.And the possible problems existed in operation environment and state- owned enterprises as well as the impact of these problems on the operation and management of enterprises were analyzed.The results show that the inventory turnover rate during this period was not improved.The state-owned companies had higher inventory turnover rate but lower firm value than the non- state- owned companies, which displayed the low efficiency caused by imperfect Chinese market mechanism in the state-owned companies.Furthermore, compared with the state-owned companies, it was more limited for the non-state -owned companies to increase firm value by means of application of efficient inventory management systems such as JIT,which meant that improvement of inventory management efficiency didn＇t play an important role in promoting firms＇ growth.It reflected that the im- perfect market mechanism didn＇t make the state-owned and non-state-owned companies to be equal market entities, and the latter were at a more disadvantageous position than the former.

关 键 词：最终控制人 存货管理 企业价值 市场化改革 国企改革 

分 类 号：F272.3[经济管理—企业管理]