投资强度变化:基于绩效偏差和冗余资源的视角

Investment Intensity Changes:From the Perspectives of Performance Deviation and Redundant Resources

绩效偏差和冗余资源会激发企业调整策略和行为,这可能带来投资强度的变化。以中国484家A股上市公司为样本,使用STATA软件对其5年间面板数据进行实证分析,研究冗余资源以及不同方向的历史绩效偏差、未来绩效偏差对投资强度变化所产生的具体影响,对投资强度变化进行分情境t检验以及分别采用固定效应模型和随机效应模型进行回归分析。研究结果表明,负的历史绩效偏差和负的未来绩效偏差均会降低投资强度,且前者会减弱后者对投资的影响;冗余资源能够增加投资强度,并且会增强负的未来绩效偏差、减弱正的未来绩效偏差对投资强度的影响。这些规律说明历史因素和未来因素将共同影响企业投资决策,并从绩效偏差和冗余资源等视角为预知和引导企业的投资行为提供现实参考。研究结论同时从投资这一具体行为的角度对组织行为理论、前景理论等做出修正和推进。

Performance deviation and redundant resources can stimulate enterprises to adjust their strategies and behaviors, which may bring changes of their investment intensity. Taking 484 A-share listed companies in China as samples, this paper empirically analyses their five-year panel data with STATA software to investigate how redundant resources, former performance deviation and future performance deviation specifically affect investment intensity changes, which is also analyzed by t-test in various situa- tions. We also adopt the fix-effect model and random-effect model for regression analysis on investment intensity changes. Results provide evidences that both negative former performance deviation and negative future performance deviation will reduce invest- ment intensity and the former weakens the impact of the latter on investment. Redundant resources, which increase investment intensity, will enhance the influence of negative future performance deviation on investment intensity and weaken that of positive future performance deviation on investment intensity. These laws, which provide a realistic reference to prediction and guide of corporate investment behaviors from perspectives of performance deviation and redundant resources, demonstrate that former and future factors jointly affect enterprise investment decisions. Meanwhile, our conclusions amend and update the organizational be- havior theory and its related prospect theories from the perspective of specific investment behaviors.