摘要
在我国社会主义市场经济体制下,企业成长性及风险承担水平的提高对企业价值的提升至关重要。利用A股上市钢铁企业2016—2018年的数据作为研究样本,从财务效率层次和经营效率层次构建钢铁企业成长性评价体系,通过实证分析在研究企业成长性与企业价值关系的同时,探讨企业的风险承担在其中的调节作用。研究认为,钢铁企业成长性水平的提高能够显著提升企业价值,并且风险承担在成长性和企业价值之间起到调节作用,企业风险承担水平越高,企业成长性对企业价值的正相关作用越明显。
Increasing grown and risk-bearing capacity of enterprises is crucial to increase enterprise’s values under China’s social market economy.This paper uses A-listed steel enterprises 2016-2018 data to establish an evaluation system for steel enterprise growth from financial efficiency hierarchy and operation efficiency hierarchy,analyzes on cases the relation between enterprise growth and values,and discusses the moderation of bearing risks.Rise of steel enterprise growth level can outstandingly increase its values,and bearing risk plays a moderation between growth and values that a higher risk-bearing capacity is,a stronger positive push of enterprise growth to its values.
作者
谷文林
吉小娴
GU Wenlin;JI Xiaoxian(Business School,Hohai University,Nanjing 211100,China)
出处
《资源与产业》
2020年第5期78-85,共8页
Resources & Industries
基金
教育部人文社会科学研究规划基金项目(17YJA630070)。
