成长性、市场份额与公司绩效  

Growth, Market Share and Corporate Performance

作　　者：黄晓波[1] 龚新颖 韩欢[1] HUANG Xiao-bo;GONG Xin-ying;HAN Huan(Business School,Hubei University,Wuhan 430062)

机构地区：[1]湖北大学商学院

出　　处：《财务与金融》2019年第6期74-83,共10页Accounting and Finance

基　　金：2018年度湖北社科基金项目《治理结构、财务政策与公司价值》(HBSK2018041)

摘　　要：以2004-2015年中国上市公司为研究对象,选择8个行业的上市公司对成长性、市场份额与公司绩效的关系进行分组统计分析和实证检验。结果发现,企业成长性对财务绩效有显著的正面影响;行业成长性与市场份额的交叉项对财务绩效有比较显著的正面影响;行业成长性对市场绩效有比较显著的负面影响;企业成长性对市场绩效有显著的正面影响;行业成长性与市场份额的交叉项对市场绩效有比较显著的正面影响。这些发现表明,对于企业来讲,更重要的是快速成长,而不是市场份额;行业成长性与市场份额之间的关系是互补而不是替代。Taking the Chinese listed companies from 2004 to 2015 as the research object,we have conducted statistical analysis by grouping the listed companies of 8 industries,and empirical tests on the relationship between growth,market share and corporate performance.The results show that the enterprise growth has a significant positive effect on financial performance;the cross term of industry growth and market share has a relatively significant positive impact on financial performance;the industry growth has a negative significant impact on market performance;the enterprise growth has a significant positive effect on market performance;the cross term of industry growth and market share has a relatively significant positive impact on the market performance.These findings suggest that the most important for the enterprises is self-rapid growth,not the market share;the relationship between industry growth and market share is complementary,not alternative.

关 键 词：行业成长性 企业成长性 市场份额 财务绩效 市场绩效 

分 类 号：F275[经济管理—企业管理]