冗余资源对金融危机时期企业绩效和投资效果的影响Effects of Slack Resources on Firm Performance and Investment Results under Financial Crisis
李晓翔;刘春林;
摘要(Abstract)：
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。
关键词(KeyWords)： 非沉淀冗余资源;沉淀冗余资源;金融危机;企业绩效;投资
基金项目(Foundation): 国家自然科学基金项目(71102157、71273109、71072038);; 教育部人文社会科学研究项目(11YJA630013);; 安徽省高校优秀青年人才基金项目(2012SQRW009ZD);; 安徽大学博士科研启动经费项目
作者(Author): 李晓翔;刘春林;
Email:
DOI: 10.16538/j.cnki.jfe.2012.11.004
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