市场竞争、不确定性与企业非效率投资- - 基于非效率投资确定方法的改进

项目名称： 市场竞争、不确定性与企业非效率投资- - 基于非效率投资确定方法的改进

项目编号： No.71262003

项目类型： 地区科学基金项目

立项/批准年度： 2013

项目学科： 管理科学

项目作者： 张洪辉

作者单位： 江西财经大学

项目金额： 35万元

中文摘要： 本课题研究产品市场竞争、不确定性对公司非效率投资的影响，并通过非效率投资最终影响公司绩效。不同于现有公司非效率投资研究的视角，本课题不从代理冲突、政府干预角度考虑公司非效率投资行为，而是从公司战略、市场竞争中的S-C-P范式角度以及实物期权思想来考虑公司外部治理环境中重要因素：产品市场竞争、不确定性对公司非效率投资的影响。首先，在综合了现有确定非效率投资方法后，本课题采用更加稳健、更加丰富的手段来确认非效率投资，实现非效率投资行为识别的稳健性。接着，在确认非效率投资行为后，考虑产品市场竞争对非效率投资（投资过度或投资不足）的影响，找到公司进行战略投资的经验证据。然后，考虑公司投资行为的实物期权价值，分析不确定性是否会引起公司非效率投资（投资不足），并探索产品市场竞争、不确定性和企业非效率投资之间的互动机理。最后，在考虑战略投资、实物期权价值后，研究公司非效率投资行为对公司最终绩效的影响。

中文关键词： 市场竞争；不确定性；非效率投资；社会资本；绩效

英文摘要： This study focuses about the impact of product market competition, uncertainty on corporate investment inefficiency, and finally affects corporate performance by inefficiency investment. Different from the existing literatures on corporate inefficiency investment, this study would not analysis corporate investment in the view of agency conflict and government intervention, but from the perspective on corporate strategy, S-C-P paradigm in competition theory and the real option thoughts, to think about the important item in corporate governance external environment - - the impact of product market competition, uncertainty on corporate investment inefficiency. First of all, after synthesizing the existing methodology to confirm inefficiency investment, this study would adopt more robustness and richer means to confirm inefficiency investment, to make sure the identification of inefficiency investment behavior steady. Secondly, with recognition of the inefficiency investment behavior, this research would consider product market competition influence on corporate inefficiency investment, trying to get the empirical evidence on corporate strategy investment behavior. Then, considering the value of real options in corporate investment behavior, this study analyses whether uncertainty could cause underinvestment which

英文关键词： Market competition；uncertainty；inefficiency；social capital；performance