冗余资源对金融危机时期企业绩效和投资效果的影响
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财经研究 2012 年 第 38 卷第 11 期, 页码：135 - 145
摘要
参考文献
摘要
关于冗余资源作用争议的解决需要结合具体情境进行分类研究。近年来的全球性金融危机是一种典型的环境变化,文章以此为背景,利用我国1 107家A股上市公司2006-2009年的面板数据,对冗余资源的缓冲作用进行检验,并证实:非沉淀冗余资源在正常时期发挥更大的效用,而沉淀冗余资源在金融危机时期发挥更大的效用;相比正常时期,金融危机情境下的投资效果变差,非沉淀冗余资源的存在会进一步恶化投资效果,沉淀冗余资源所起的作用恰好相反。这说明环境变化致使冗余资源的作用发生改变,只有沉淀冗余资源才具有缓冲作用,而非沉淀冗余资源的存在则会增加投资的盲目性,在金融危机情境下更是如此。
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[19]Wiseman R,Catanach A.A longitudinal disaggregation of operation risk under changing regulations:Evidence from the savings and loan industry[J].Academy of Management Jour-nal,1997,40(4):799-830.
引用本文
李晓翔, 刘春林. 冗余资源对金融危机时期企业绩效和投资效果的影响[J]. 财经研究, 2012, 38(11): 135–145.
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