三因素作用下的预算松弛对EVA影响的实证研究

Case Study on Budgetary Slack's Influence on Eva under Threee Factors

本文通过对沪市2009年至2011年间,243家企业共729个样本的预算松弛度进行研究,分析出基于企业内部环境的高管薪酬水平因素、基于企业外部环境的行业竞争因素以及基于企业自身性质的成长性因素对预算松弛的影响,并对预算松弛对基于每股经济附加值的企业业绩的影响情况进行了研究发现,高管薪酬水平与预算松弛正相关,企业成长性与预算松弛负相关,企业的行业竞争力与预算松弛相关性不显著。此外,本文创新性地将EVA作为衡量企业业绩的指标来研究其与预算松弛之间的关系,得出预算松弛与企业的每股经济附加值正相关的结论,也就是说,预算松弛有助于提升企业的经济业绩。

This paper analyses the budgetary slack of 243 A - share - quoted companies of both Shanghai and Shenzhen stock markets from the year 2009 to 2011. It shows that the executive compensation which is based on the internal environment, the competition pressure of the industry which is based on the external environment and the growth possibility which is based on the characteristic of this company are three main reasons that lead budgetary slack to appear. The result supports three opinions ： Firstly, executive com- pensation and budgetary slack for positive correlated; Secondly, the growth possibility and budgetary slack are negative correlated; Thirdly, the correlation between industry＇ s competition pressure and budgetary slack is not significant. At the same time, this paper creatively uses EVA as the representation of the performance of these companies to measure the relationship between it and the budgetary slack, the proposal of which says that budgetary slack and EVA per stock are positive correlated. In other words, budgetary slack is meaningful to improve the performance of a company.