我国跨国公司资产结构对企业价值的影响度研究

Impact Degree of MNCs’ Asset Structure on Firm Value in China

本研究从企业价值理论和跨国经营理论出发,在借鉴Feltham and Ohlson(1995)、Lev and Sougiannis(1996)和Won heum Lee(2002)的研究成果的基础上,导出跨国企业资产结构对企业价值影响度模型并以我国87家跨国企业为样本,检验和分析了我国跨国企业的资产结构对企业价值的影响度。实证结果发现:我国跨国公司资产结构中,对企业价值影响度最大的是经营资产和实物资产,跨国资产转换倍数和技术资产对企业价值的影响度不高。我国企业只有选好跨国经营模式以及跨国投资和经营地区的前提下,通过合理的资产结构设计,在控制风险的同时,高效运用资产,合理配置资源,才能实现企业稳步可持续的发展。

This paper employs the theory of company value and cross-border operations, and together with the literature of Feltham and Ohlson （1995）, Lev and Sougiannis （1996）, and Won heum Lee （2002）, the paper conducts impact degree model of multinational corporations （MNCs）＇ assets on company value. In this paper, 87 China-based MNCs are selected in order to examine the impact degree of MNCs＇ asset structure on firm value. The discovery is that as far as the asset structure was concerned, operation asset and real asset have the greatest impact on firm value, while the impact of asset conversion multiple and technology asset is not significant as expected. Therefore, the conclusion is that for China-based MNCs, merely with the premise of normalizing Corporate governance and finely allocating cross-border operation mode, investment and areas, reasonable asset structure design, can it help them to minimize the risks, efficiently utilize the asset and optimally allocate the resources, and hence finally achieve the goal of sustainable growth.