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论文编号：	714
作者编号：	2120061958
上传时间：	2008/6/20 13:23:50
中文题目：	控制方式选择对固定资产投资规模
英文题目：	The effects of internal contro
指导老师：	程新生 教授
中文关键字：	财务控制，战略控制，固定资产投
英文关键字：	financial controlstrategic c
中文摘要：	在动态复杂的内外部环境中，国内企业必须不断调整企业战略，并对战略变化的过程进行有效的管理和控制才能在竞争中取胜，因此对财务控制和战略控制两种控制方式进行研究具有一定的理论和现实意义。而固定资产投资规模是企业投资行为的一个重要特征，并且可以在一定程度上反映企业规模、行业竞争地位和企业的投资战略方向。但是目前国内关于财务控制、战略控制和固定资产投资规模关系的研究还处于探索阶段，正是在这种背景下，本文使用我国制造业上市公司数据研究财务控制和战略控制两种控制方式选择对固定资产投资规模和企业绩效的影响。 本文在回顾与财务控制和战略控制方式有关的国内外文献、分析代理理论和组织行为理论的基础上，以2002年—2006年我国制造业上市公司为样本，探讨财务控制和战略控制两种控制方式的选择对固定资产投资规模的影响。另外，采用因子分析方法构造企业财务绩效综合评价指标，研究财务控制和战略控制两种控制方式对企业财务绩效的影响。 研究中选用是否设立战略委员会、高管持股比例、是否存在“59岁现象”和年度内董事会会议次数来衡量财务控制和战略控制两种控制方式。固定资产投资规模模型实证结果显示，使用了战略控制方式，即设立了战略委员会、不存在“59岁现象”、年度内董事会会议次数较多的样本公司，其固定资产投资规模较大，经营者倾向于承担风险，更注重公司的长远发展；而使用了财务控制方式，即没有设立战略委员会、存在“59岁现象”、年度内董事会会议次数较少的样本公司，其经营者更加关注于短期绩效的获得，而没有动力进行固定资产投资。 企业财务绩效模型实证结果表明，使用战略控制方式的样本公司，即设立战略委员会、不存在“59岁现象”，并且年度内董事会会议次数较多的样本公司，相比使用财务控制的样本公司企业财务绩效较差。固定资产投资规模和企业绩效模型中高管持股比例变量在统计意义上均不显著，说明我国制造业上市公司中高管持股比例偏低，并没有达到预期的激励效果。
英文摘要：	The environment is becoming more and more complicated, firms have to change their strategy in time and control the strategic change process in order to succeed in the competition, so research on financial control and strategic control is very important for firms. Furthermore, fixed-assets investment is critical for a firm, and can reveal the scale, competition and investment director of a firm. Unfortunately, research on financial control, strategic control and fixed-assets investment is still rarely seen in China recently. Based on this background, this thesis researched the relationship between financial control, strategic control, and fixed-assets investment, performance. After researching correlative literature, we pick up Chinese listed companies in manufacturing industry during 2002-2006 as basic sample, and design several items to describe financial control and strategic control. Then, by using the method of factor analysis, we got the composite performance index of these companies, and hence had a linear regression analysis to study the relationship between financial control, strategic control and performance. In this thesis, four items are used to describe financial control and strategic control, they are strategic committee, management shareholding percentage, phenomenon of 59 years old and meetings of the board. The model of fixed-assets investment shows that, firms using strategic control, which means firms with strategic committee, more meetings of the board, without the phenomenon of 59 years old have more fixed-assets investment. However, firms using financial control, which means firms without strategic committee, less meetings of the board and the phenomenon of 59 years old have less fixed-assets investment. The model of performance shows that, firms using financial control, which means firms without strategic committee, with less meetings of the board and the phenomenon of 59 years old act better than firms using strategic control, which have strategic committee, more meetings of the board and without the phenomenon of 59 years old. But the percentage of management shareholding is not significant statistically in the two models, the reason maybe that the percentage of management shareholding is too low to incentive the managers to work for the future performance.
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