中小企业投资不足对企业价值的影响研究

Research on the Influence of Small and Medium-sized Enterprise’s Underinvestment on Enterprise Value

在企业的经营过程中,投资活动一直是管理者关注的重点,而投资效率的高低很大程度上决定了企业价值,中小企业由于融资约束的原因导致其存在投资不足的现象。以中小企业板为例,选取2015-2017年三年的财务数据,运用实证分析的方法研究投资不足对其企业价值的影响。研究发现,中小企业存在非效率投资,且投资不足的情况比投资过度更加严重。同时,中小企业的投资不足会损害企业的价值。研究结论揭示出中小企业投资不足对其企业价值的影响,并提出改善投资不足的建议。

In the operation and management of enterprises,investment activities have always been the core of financial activities,and the investment efficiency determines the value of enterprises.Small and medium-sized enterprises are faced with serious financing constraints due to the nature of enterprises,resulting in insufficient investment of small and medium-sized enterprises.Taking the SME board as an example,this paper selects the financial data of the three years from 2015 to 2017 and conducts an empirical analysis on the impact of underinvestment and enterprise value.The findings are as follows:(1)Small and medium-sized enterprises are generally underinvested.(2)The insufficient investment of SMEs will damage the value of enterprises.This paper reveals the impact of the underinvestment of SMEs on their enterprise value and provides suggestions to improve the underinvestment.