以价值创造能力为代理变量的企业成长能力模型和框架体系

Business Growth Ability Model and Framework System with Value Creation Ability as a Proxy Variable

企业成长能力是对企业经济活力的综合性描述,具有理论上的客观性、系统性和动态性。单一的企业成长能力模型只是反映了企业成长质量的部分特征。基于"企业成长机会集"概念,以价值创造能力为代理变量,企业短期成长能力可定义为企业的短期价值创造能力;企业长期成长能力由具有不同性质的企业可持续成长能力、再投资价值创造能力和潜在成长能力三种能力组成。源于A股上市公司的经验证据表明,企业成长能力不是一个"伪概念"。以价值创造能力为代理变量的企业成长能力模型和框架体系实现了企业成长在内容和形式上的有效统一,为企业积极应对新时代,进行业绩评价和经营管理决策提供了一种新的理论依据和方法。

Business growth ability is a comprehensive description of a company's economic vitality, which is theoretically objective,systematic, and dynamic. The single growth ability model can only reflect some features of the company's growth quality. Based on the concept of "business growth opportunity set", with the value creation ability as a proxy variable, a company's short-term growth ability can be defined as the short-term value creation ability; a company's long-term growth ability comprises of its sustainable growth ability, reinvestment value creation ability, and potential growth ability. Relevant empirical evidence from A-share listed companies indicates that business growth ability is not a "pseudo concept". The business growth ability model and framework system with value creation ability as a proxy variable realize the effective unity of content and form in business growth ability, providing a new theoretical basis and approach for a company's performance evaluation and management decision making to actively respond to the new era.