基于可用资源的冗余资源测量、分布和作用研究

Research on the Slack'Measurement,Distribution and Effect Based on Available Resources

基于A股348家制造业上市公司5年间的面板数据,用FGLS回归检验年龄、规模、成长速度、运营效率、风险、期望绩效、股权集中度和非沉淀可用资源、沉淀可用资源、潜在可用资源之间的相关性,然后用每个企业所对应的回归方程残差值测量它们各自的非沉淀冗余资源、沉淀冗余资源和潜在冗余资源的数量。按照绩效是否高于行业均值把样本企业分为绩效优秀的和一般的两类,证实绩效优秀企业的非沉淀冗余资源和潜在冗余资源显著多于绩效一般企业的,但沉淀冗余资源数量在这两类企业间并没有显著区别。最后检验了冗余资源与延滞绩效之间的关系,证实沉淀冗余资源与企业绩效显著正相关,非沉淀冗余资源、潜在冗余资源与企业绩效并无相关性。

Using five-year panel data of 348 Chinese A-Share Companies in manufacturing industry,this paper takes feasible generalized least squares regression( FGLS) to testify relevance among age,size,growth rate,operating efficiency,risk,anticipated performance,ownership concentration and unabsorbed available resources,absorbed available resources and potential available resources. Then,it takes the corresponding residual errors to measure the amount of unabsorbed slack,absorbed slack and potential slack,and divides firms into two groups( namely the high-performing ones and low-performing ones) on the basis of comparing their ROA with sub-industrial average level. After testing the two groups' slack,this paper finds that the numbers of unabsorbed slack and potential slack in high-performing firms are above those in low-performing ones,but absorbed slack does not conform to this rule. Finally,this paper tests the relationships between slack and performance,and verifies that absorbed slack has a significantly positive relation with firms' performance while other slack has not.