| 竞争视角下的剩余收益来源分析 |
| |
| 引用本文： | 黄莲琴.竞争视角下的剩余收益来源分析[J].管理科学,2008,21(2):69-78. |
| |
| 作者姓名： | 黄莲琴 |
| |
| 作者单位： | 厦门大学,会计系,福建,厦门361005;福州大学,管理学院,福州350002 |
| |
| 基金项目： | 福州大学校科研和教改项目 |
| |
| 摘 要： | 利用剩余收益估价模型能提高股票价格的解释能力和预测价值的准确性,因此剩余收益的来源显得至关重要.以2001年～2005年中国A股制造业上市公司为研究对象,采用Panel Data和OLS回归方法,从竞争的视角对公司剩余收益的来源进行检验.研究结果表明,剩余收益确实来源于企业的经活动,并随着产品市场竞争程度的增强而降低;公司不同性质的负债杠杆对剩余收益产生截然不同的影响,经营负债杠杆产生正面影响,金融负债杠杆产生负面影响,这种影响随着竞争程度的减弱而增强;同时剩余收益随着公司规模的扩大、市场份额的拓展、产品差异化和资产专用性程度的提高而提升.
|
| 关 键 词： | 剩余收益 产品竞争程度 负债杠杆 公司竞争特色 |
| 文章编号： | 1672-0334(2008)02-0069-10 |
| 修稿时间： | 2007年11月14 |
Analysis on the Source of Residual Income Based on Competition:Empirical Evidence from Chinese Manufacturing Limited Firms |
| |
| HUANG Lian-qin.Analysis on the Source of Residual Income Based on Competition:Empirical Evidence from Chinese Manufacturing Limited Firms[J].Management Sciences in China,2008,21(2):69-78. |
| |
| Authors: | HUANG Lian-qin |
| |
| Institution: | HUANG Lian-qin1,2 1 Department of Accounting,Xiamen University,Xiamen 361005,China 2 School of Management,Fuzhou University,Fuzhou 350002,China |
| |
| Abstract: | The RIM improves the explainability and accuracy of the stock price.The source of residual income shows very important.The paper tests the source of residual income based on competition with the sample of A-share manufacturing listed companies from 2001 to 2005.The empirical study shows that residual income indeed results from the firm operating activity and decreases by product market competition.Operating liability leverage plays the positive influence and financing liability leverage plays the negative i... |
| |
| Keywords: | residual income product market competition liability leverage firm competition character |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
|
