财务绩效对企业对外投资的影响研究——基于能源行业企业的实证分析  

Research on the Impact of Financial Performance on Outward Investment of Enterprises:An Empirical Analysis Based on the Energy Industry

作　　者：舒燕飞 王顺利 Yanfei Shu;Shunli Wang(School of Economics,Minzu University of China,Beijing 100081,China)

机构地区：[1]中央民族大学,北京100081

出　　处：《财务与金融》2024年第4期68-81,共14页Accounting and Finance

摘　　要：在全球化日益加深的经济环境中,对外投资成为企业扩张和增长的关键策略。财务指标作为评估和决策的重要工具,在企业对外投资中具有关键作用。基于2007—2023年能源行业上市企业财务数据以及对外投资信息,从盈利能力、营运能力、成长能力、偿债能力四方面分别探究财务绩效对企业对外投资的影响,并分析这些财务指标如何影响企业的投资决策过程。研究发现,良好的财务绩效能够显著促进企业对外投资的提升;较高的政府补助能强化财务综合绩效、盈利能力、营运能力、成长能力对企业对外投资的影响。进一步研究发现,这种影响对于不同产权性质和技术水平的企业存在异质性。因此,企业在对外投资中应高度关注自身的财务能力和成长能力,同时积极争取政府补助,强化自身财务优势;政府应引导企业重视财务绩效,制定差异化的补助政策。In the increasingly globalized economic environment,outward investment has become a key strategy for companies to expand and grow.Financial indicators,as important tools for evaluation and decision-making,play a crucial role in enterprises'outward investment.Therefore,based on the financial data and outward investment information of listed companies in the energy industry from 2007 to 2023,this paper explores the impact of financial performance on outward investment from four aspects:profitability,operational capability,growth capability,and debt repayment capability,and analyzes how these financial indicators affect the investment decision-making process of enterprises.The research finds that superior financial performance can significantly promote the increase of outward investment by enterprises.Higher government subsidies can enhance the impact of comprehensive financial performance,profitability,operational capability,and growth capability on enterprises'outward investment.Further analysis reveals heterogeneity in these impacts among enterprises with different ownership structures and technological levels.Therefore,enterprises should closely monitor their financial and growth capabilities when investing abroad and actively seek government subsidies to strengthen their financial advantages.Meanwhile,the government should guide enterprises to prioritize financial performance and develop differentiated subsidy policies.

关 键 词：财务绩效 对外直接投资 能源行业 异质性 

分 类 号：F830[经济管理—金融学]