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本文以2007-2015年沪深两市发生了资产处置的上市公司为研究对象,基于生命周期理论,分别检验在不同生命周期下,影响企业处置资产的宏观因素,得出如下结论:宏观经济波动能够显著影响资产处置水平,成长期和衰退期的上市公司更易发生处置资产的行为;进一步区分经济扩张期和经济收缩期,发现经济收缩期的上市公司,宏观经济波动对企业资产处置的影响更为显著。该研究是对宏观经济和微观企业行为传导机制的有益探索。
Based on the life cycle theory, this paper examines the macroeconomic factors that affect the disposal of assets under different life cycles, and draws the following conclusions: the macroeconomic fluctuations The listed companies that can significantly affect asset disposal level, growth period and recession period are more likely to take the actions of disposing of assets. Further distinguishing the economic expansion period and economic contraction period, it is found that the effects of macroeconomic fluctuations on the disposal of corporate assets by the listed companies with the economic contraction For the obvious. This research is a useful exploration of the macro-economic and micro-enterprise behavior transmission mechanism.