摘要
从增长同步性、增长稳健性和增长稳定性三个维度测度企业增长状态,并以我国制造业上市公司2010~2012年财务数据为样本,考察了企业增长状态的财务后果。研究发现,增长同步性、增长稳定性均显著提高了公司盈利能力并降低了财务风险,而实际增长率与可持续增长率的偏离度与盈利能力显著负相关,与财务风险显著正相关。
Based on the financial data of China listed companies in manufacturing industry from 2010 to 2012, this study analyzed the financial effect of the corporate growth, including the profitability and financial risks, through the evaluation of growth synchronicity, growth robustness and growth stability. It found that the growth synchronicity and growth robustness both significantly improved the corporate profitability and reduced the financial risk. Moreover, the deviations of real growth rate and sustainable growth rate were significantly negatively correlated with the corporate profitability, but positively correlated with the financial risks.
出处
《财经理论与实践》
CSSCI
北大核心
2014年第5期65-68,共4页
The Theory and Practice of Finance and Economics
基金
教育部人文社科基金项目(13YJA630020)
中南大学教师研究基金(中国企业盈利持续性研究)
关键词
企业增长
财务后果
盈利能力
财务风险
Corporate growth
Financial effect
Profitability
Financial risk
