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本文以我国2005-2012年A股上市民营制造业为研究样本,实证考察了企业金融关联、企业扩张与经营绩效之间的关系。研究发现224家样本中有78.57%的企业存在金融关联关系,金融关联抑制了企业内部扩张却促进了企业并购等外部扩张;金融关联维护成本降低了会计绩效,在改善市场对公司价值预期上有微弱的正向作用,无论是内部扩张还是外部扩张都对企业的经营绩效产生正面影响;金融关联只有通过企业的行为,使其转化为经营资源,在推进企业内部扩张和外部扩张时才能起到促进企业绩效增长的作用。
Based on the sample of A-share listed private manufacturing in our country from 2005 to 2012, this paper empirically examines the relationship between the corporate financial relationship, business expansion and business performance. The study found that 78.57% of the 224 samples have financial relationship, while the financial linkage restrains the internal expansion of the enterprise and promotes the external expansion such as M & A. The financial related maintenance cost reduces the accounting performance. In improving the market expectation of the company’s value The weak positive effect, both internal expansion and external expansion, has a positive impact on the business performance of enterprises; only through the behavior of enterprises, financial linkages can be transformed into business resources, and the financial linkages can only be played when promoting the internal expansion and external expansion of enterprises Promote the growth of business performance.