论文部分内容阅读
企业的讨价还价能力和增长率是企业间合约关系的重要决定因素,在以往的不完全合约文献中对此并未做详细定量研究,将企业的讨价还价能力、增长率和绩效等因素引入到专用性投资合约分析中可以更好地探讨这些变量在此类合约中的贡献。本文提出了在专用性投资合约条件下,企业讨价还价能力、增长率和绩效相互影响的理论假说。选取2007—2013年中国上市企业样本数据对理论假设进行验证,结果表明,当进行专用性投资时,企业的讨价还价能力与企业绩效具有显著正相关关系;增长率对企业价值提升有很强的促进作用;专用性投资具有使企业可持续的价值创造效应。
The bargaining power and growth rate of enterprises are the important determinants of the contractual relationship among enterprises. In the incomplete literature of the contract, detailed and quantitative research has not been done on this. The bargaining power, growth rate and performance of enterprises are introduced into the specialization Investment contract analysis can better explore the contribution of these variables in such contracts. This paper presents the theoretical hypothesis that the bargaining power, growth rate and performance of firms interact with each other under the conditions of earmarked investment contracts. The sample hypothesis of Chinese listed companies from 2007 to 2013 is used to verify the theoretical hypotheses. The results show that there is a significant positive correlation between the bargaining power of enterprises and the corporate performance when they invest in special investments. The growth rate has a strong positive impact on the corporate value Role; special investment has to enable enterprises to create sustainable value creation effect.