技术效率、融资约束与企业扩张——基于江苏省150家大米加工企业的调查与分析
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摘要
本文基于江苏省150家大米加工企业的微观调查数据,测算其技术效率和融资约束,并分析了技术效率和融资约束等因素对企业扩张意愿的影响。研究结果表明,大米加工企业的扩张意愿受到技术效率和融资约束的显著影响,技术效率越高的企业越有扩张的动机,而企业受到的融资约束越强则越倾向于保持现有的规模。研究结果意味企业需谨慎选择扩张行为和策略,注重企业能力的有效积累,合理控制扩张的风险,保持可持续发展。
Enterprise expansion is an inevitable stage of enterprise development,but not all enterprise expansion can be successful. Based on the micro survey data of 150 rice processing enterprises in Jiangsu Province,the technical efficiency and financing constraints were measured,and the influences of technical efficiency and financing constraints on the company's willingness to expand were analyzed. The research results show that the rice processing enterprises' expansion willingness is significantly affected by technical efficiency and financing constraints. The higher the technical efficiency,the more incentives for enterprises to expand,and the stronger the financing constraints of enterprises,the more they tend to maintain the existing scale. The results of the study mean that companies need to carefully choose expansion behaviors and strategies,focus on the effective accumulation of corporate capabilities,rationally control the risks of expansion,and maintain sustainable development.
Enterprise expansion is an inevitable stage of enterprise development,but not all enterprise expansion can be successful. Based on the micro survey data of 150 rice processing enterprises in Jiangsu Province,the technical efficiency and financing constraints were measured,and the influences of technical efficiency and financing constraints on the company's willingness to expand were analyzed. The research results show that the rice processing enterprises' expansion willingness is significantly affected by technical efficiency and financing constraints. The higher the technical efficiency,the more incentives for enterprises to expand,and the stronger the financing constraints of enterprises,the more they tend to maintain the existing scale. The results of the study mean that companies need to carefully choose expansion behaviors and strategies,focus on the effective accumulation of corporate capabilities,rationally control the risks of expansion,and maintain sustainable development.
引文
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34.姚清铁.近代中国家族企业集团经营方式研究---以荣氏、永安企业为例.上海经济研究,2016(1):108~116
35.甄朝党.企业扩张的技术解释.数量经济技术经济研究,2002,19(6):95~98
36.张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入.世界经济,2012(10):66~90
37.张维迎,周黎安,顾全林.高新技术企业的成长及其影响因素:分位回归模型的一个应用.管理世界,2005(10):94~101
38.张雯,张胜,李百兴.政治关联、企业并购特征与并购绩效.南开管理评论,2013,16(2):64~74
39.朱松,杜雯翠,高明华.行业景气程度、政府支持力度与企业扩张决策---基于中小企业调查问卷的分析.财经研究,2013(10):133~144
2.Chandler A D.Scale and scope:The dynamics of industrial capitalism.Harvard University Press,1990
3.Charnes A,Cooper W W,Rhodes E.Measuring the efficiency of decision making units.European Journal of Operational Research,1978,2(6):429~444
4.Coase R H.The Nature of the Firm.Oxford University Press,1937
5.Doms M,Dunne T,Roberts M J.The role of technology use in the survival and growth of manufacturing plants.International Journal of Industrial Organization,1995,13(4):523~542
6.Doukas J A,Petmezas D.Acquisitions,Overconfident Managers and Self‐attribution Bias.Social Science Electronic Publishing,2010,13(3):531~577
7.Farrell M J.The measurement of productivity efficiency.Journal of the Royal Statistical Society,1957,120(3):377~391
8.Finkelstein S,Hambrick D C.Chief executive compensation:A study in the intersection of markets and political processes.Strategic Management Journal,10(2),121~134
9.Goel A M,Thakor A V.Overconfidence,CEO Selection,and Corporate Governance.Journal of Finance,2008,63(6):2737~2784
10.Hoetker G.How Much You Know versus How Well I Know You:Selecting a Supplier for a Technically Innovative Component.Strategic Management Journal,2005,26(1):75~96
11.Penrose E T.The theory of the growth of the firm.Oxford University Press,1959
12.Porter M E.Competitive Strategy.Free Press,1980
13.Rajan R G,Zingales L.Financial Dependence and Growth.American Economic Review,1998,88(3):559~586
14.Richardson S.Over-investment of free cash flow.Review of Accounting Studies,2006,11(2~3):159~189
15.Yim S.The acquisitiveness of youth:CEO age and acquisition behavior.Journal of Financial Economics,2013,108(1):250~273
16.蔡庆丰,田霖,郭俊峰.民营企业家的影响力与企业的异地并购---基于中小板企业实际控制人政治关联层级的实证发现.中国工业经济,2017(3):156~173
17.邓可斌,曾海舰.中国企业的融资约束:特征现象与成因检验.经济研究,2014(2):47~60
18.郭娜.政府?市场?谁更有效---中小企业融资难解决机制有效性研究.金融研究,2013(3):194~206
19.黄昕,李常洪,薛艳梅.高管团队知识结构特征与企业成长性关系---基于中小企业板块上市公司的实证研究.经济问题,2010(2):89~94.
20.姜付秀,张敏,陆正飞,陈才东.管理者过度自信、企业扩张与财务困境.经济研究,2009(1):131~143
21.李清海,杨德丽,于团叶,吴泗宗.国际新创企业的市场扩张与知识产权战略.科研管理,2015,36(8):161~172
22.李然,陈悦.技术效率、企业规模与产业转型:自能源因素观察.改革,2015(6):110~118
23.李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率.管理世界,2011(1):135~144
24.刘小玄,杜君.国有企业的扩张行为:动机及效应.南方经济,2018(12):1~16
25.卢太平,张东旭.融资需求、融资约束与盈余管理.会计研究,2014(1):35~41
26.马述忠,张洪胜.集群商业信用与企业出口---对中国出口扩张奇迹的一种解释.经济研究,2017(1):15~29
27.王珏,刘钇沅.经营性负债与金融性负债:企业扩张的效应研究.北京工商大学学报(社会科学版),2015,30(6):68~76
28.吴国鼎,张会丽.多元化经营是否降低了企业的财务风险?---来自中国上市公司的经验证据.中央财经大学学报,2015(8):94~101
29.肖兴志,何文韬,郭晓丹.能力积累、扩张行为与企业持续生存时间---基于我国战略性新兴产业的企业生存研究.管理世界,2014(2):77~89
30.谢军,黄志忠,何翠茹.宏观货币政策和企业金融生态环境优化---基于企业融资约束的实证分析.经济评论,2013(4):116~123
31.徐朝阳,周念利.市场结构内生变迁与产能过剩治理.经济研究,2015(2):75~87
32.徐业坤,李维安.政绩推动、政治关联与民营企业投资扩张.经济理论与经济管理,2016,36(5):5~22
33.杨武,田雪姣.技术创新、市场化进程与企业兴衰.科学学研究,2018,36(9):1686~1693
34.姚清铁.近代中国家族企业集团经营方式研究---以荣氏、永安企业为例.上海经济研究,2016(1):108~116
35.甄朝党.企业扩张的技术解释.数量经济技术经济研究,2002,19(6):95~98
36.张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入.世界经济,2012(10):66~90
37.张维迎,周黎安,顾全林.高新技术企业的成长及其影响因素:分位回归模型的一个应用.管理世界,2005(10):94~101
38.张雯,张胜,李百兴.政治关联、企业并购特征与并购绩效.南开管理评论,2013,16(2):64~74
39.朱松,杜雯翠,高明华.行业景气程度、政府支持力度与企业扩张决策---基于中小企业调查问卷的分析.财经研究,2013(10):133~144