摘要
基于战略的长时间跨度,以我国2012—2017年沪深两市A股上市的信息技术企业动态面板数据为研究样本,运用系统广义矩估计法(系统GMM法),实证分析了信息技术企业超可持续增长与财务绩效之间的交互跨期影响。研究结果表明,超可持续增长对财务绩效没有显著影响,财务绩效对后期的超可持续增长有显著促进作用。这些研究结论对企业确定合理的增长速度、制定有效的发展战略具有启示意义。
Based on the long-term span of strategy,this paper uses the dynamic panel data of information technology enterprises from 2012 to 2017 listed in the Shanghai and Shenzhen Stock Exchange as research sample,and it uses system GMM method to empirically analyze interactive and inter-temporal influence between super-sustainable growth and financial performance.The research results show that super-sustainable growth has no significant impact on financial performance,and financial performance has a significant effect on super-sustainable growth in the later period.These conclusions have implications for enterprises to determine reasonable growth rate and formulate effective development strategies.
作者
周国强
王璐瑶
ZHOU Guoqiang;WANG Luyao(School of Management,WUT,Wuhan 430070,China)
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2018年第6期679-683,共5页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家自然科学基金项目(71673212)
国家社会科学基金项目(13BGL011)
关键词
超可持续增长
财务绩效
系统GMM估计法
可持续增长率
super-sustainable growth
financial performance
system GMM method
sustainable growth rate
