公司增长有效性的判断与测度--基于公司增长对价值增值的非线性影响

在探讨公司增长与价值增值之间非线性关系的基础上,通过对2001～2008年中国A股上市公司样本的实证研究,得到公司增长与价值增值之间存在显著"倒U型"关系。根据公司增长有效性分组,发现高速增长引发价值毁损的公司超过四成。此外,投资机会能够提高价值对增长的敏感性,股权分置改革后中国资本市场在甄别公司增长有效性上判断力增强。建议公司对产业扩张速度实施有效管理,借有效增长模式实现公司价值的持续提升。

Judgment and Measurement on the Effectiveness of Firm Growth: Based on Nonlinear Effect of Firm's Growth upon Value Enhancement

This paper studies the nonlinear relationship between firm growth and value enhancement,in which the "Theory of Firm’s Growth Effectiveness" is constructed.With the empirical study of the listed companies on China’s A stock market during 2001-2008 as samples,it proves an "inverted U" relationship between firm growth and value enhancement.According to the group study on the effectiveness of firm growth,over 40% of total samples suffer the damages to firm’s value caused by high-speed growth.Moreover,investment opportunities can strengthen the sensitivity of firm’s value to firm growth,and the judgment by capital market on the effectiveness of firm growth is improved due to the reform on split share structure.Accordingly,it suggests that companies should take an effective control over the speed of business expansion in order to enhance the firm’s value sustainably under the model of effective firm growth.