资本错配、资产专用性与公司价值--基于营业活动重新分类的视角

Capital Misallocation,Asset Specificity and Firm Value——Based on the Perspective of Reclassification of Business Activities

在新常态下,改善资本等要素的配置效率是实现经济增长方式转变的重要途径。随着经济社会的不断发展,投资活动和经营活动共同组成营业活动的观念正逐渐深入人心,在营业活动重新分类的背景下,对于资本配置的研究可以进一步深入到企业的营业活动中去。本文构建基于营业活动重新分类视角下的企业资本错配指标,并通过对2006—2015年A股上市公司的实证分析,发现资本错配现象在中国普遍存在,且资本错配越严重的企业具有越低的公司价值(ROA和Tobin Q)。进一步分析发现,资产专用性的增大,会加剧资本错配对会计绩效(ROA)的负面作用,但会缓解资本错配对市场绩效(Tobin Q)的负面作用。本文基于营业活动重新分类的视角,发现了损害公司价值的一种资本错配情况,拓展了微观资本配置的研究视角,为上市公司内部的资本配置提供了参考与建议。

Under the New Normal in China, improving the allocation efficiency of capital and other factors is an important way to realize the transformation of economic growth mode. With the development of economic society, the notion that business activities including operating activities and investment activities is gradually popular. In the context of business activities reclassified, the study of capital allocation can be further extended to the level of business activities. This paper constructs the firm capital misallocation variable from the perspective of reclassification of business activities. Based on the empirical analysis of the Chinese A-share listed companies from 2006 to 2015, it is found that the misallocation between the business activities is common in China, and the firms with the more serious capital misallocation have lower firm values （ROA and Tobin Q）. Further analysis shows that the increase of asset specificity will aggravate the negative effect of capital misallocation on ROA, but will mitigate the negative effect of capital misallocation on Tobin Q. Based on the perspective of reclassification of business activities, this paper discovers a kind of capital misallocation that damages firm value, broadens the research angle of micro-capital allocation, and provides reference and suggestion for the capital allocation of listed companies.