Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment i...Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.展开更多
This study investigates how taxes influence corporate investment behavior. Based on a census of Chinese industrial enterprises, we utilize a tax-adjusted q model to examine the effects of taxes on corporate investment...This study investigates how taxes influence corporate investment behavior. Based on a census of Chinese industrial enterprises, we utilize a tax-adjusted q model to examine the effects of taxes on corporate investment in fixed assets in China. Results show that the effective tax rate has a relatively small but significantly negative impact on Chinese firms＇ investment in fixed assets. We extend the tax-adjusted q model to control for the lagged investment effect and peer effect of investment. Models with these effects do better at explaining the impact of taxes on firms＇ investment. The lagged investment models present smaller but significant tax disincentive. Firms compete for investment with other firms both in the same region and in the same industry through peer effect. In addition, the tax disincentive differs among state owned enterprises, private enterprises, and other enterprises in China.展开更多
基金Supported by the National Natural Science Foundation of China (No. 70831003)
文摘Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.
文摘This study investigates how taxes influence corporate investment behavior. Based on a census of Chinese industrial enterprises, we utilize a tax-adjusted q model to examine the effects of taxes on corporate investment in fixed assets in China. Results show that the effective tax rate has a relatively small but significantly negative impact on Chinese firms＇ investment in fixed assets. We extend the tax-adjusted q model to control for the lagged investment effect and peer effect of investment. Models with these effects do better at explaining the impact of taxes on firms＇ investment. The lagged investment models present smaller but significant tax disincentive. Firms compete for investment with other firms both in the same region and in the same industry through peer effect. In addition, the tax disincentive differs among state owned enterprises, private enterprises, and other enterprises in China.
