专用性资产、生命周期与企业价值——基于2013—2019年中国A股上市公司样本的分析
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Specific Assets, Life Cycle and Corporate Value: Based on the Analysis of the Sample of China’s A-share Listed Companies from 2013 to 2019
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    摘要:

    专用性资产赋予企业异质化特征和产品竞争优势,并带来“持续租金”,有利于企业价值提升;然而专用性资产的增加也会导致交易成本增加,过多的专用性资产投资可能使交易成本的增加超过获取的“持续租金”,进而抑制企业价值的提升。在生命周期的成长期,企业需要进行大量的专用性投资来形成竞争优势和拓展市场,专用性资产占比的提高会促进企业价值提升;在成熟期,企业的竞争优势基本形成,市场趋于稳定,规模的逐渐扩大也使交易成本上升,专用性资产占比的提高不利于企业价值提升;在衰退期,企业面临转型升级的挑战,若仍热衷于规模扩张而继续增加原有产品的专用性资产投资会进一步抑制企业价值提升,若积极创新转型并增加新产品的专用性资产投资则会促进企业价值提升。对2013—2019年中国A股上市公司的分析表明,在成长期、成熟期和衰退期样本公司中,专用性资产占比与企业价值分别表现为显著正相关、显著负相关和无显著相关性,且成熟期的负向效应在国有企业比民营企业更为明显。因此,企业需要根据所处生命周期阶段主动调整资产配置。处于成熟期的企业应注意交易成本的节约和增加通用性资产投资以提升管理效率以及技术创新和市场应变能力,尤其是国有企业应避免盲目扩张;处于衰退期的企业应积极寻找新的专用性资产投资方向,进而实现创新蜕变或发展转型;政府也应针对处于生命周期不同阶段及不同所有制企业实行差异化的投资支持政策或限制政策。

    Abstract:

    Specific assets endow companies with heterogeneous characteristics and product competitive advantages, and bring “continuous rents”, which is conducive to the enhancement of corporate value. However, the increase of specific assets will also lead to an increase in transaction costs. Excessive specific assets may make the increase of transaction costs exceed the “sustained rent” obtained, thus inhibiting the improvement of enterprise value. During the growth period of the life cycle, companies need to make a large amount of specific investment to form a competitive advantage and expand the market. The increase in the proportion of specific assets will promote the increase of corporate value. In the mature period, the competitive advantage of the enterprise is basically formed, the market tends to be stable, and the gradual expansion of scale also increases the transaction cost. The increase in the proportion of specific assets is not conducive to the increase of corporate value. In the recession stage, enterprises are facing the challenge of transformation and upgrading. If they are still keen on scale expansion and continue to increase the specific investment of original products, the improvement of corporate value will be further inhibited. If they actively innovate and transform and increase the specific investment of new products, it will promote the improvement of corporate value. The analysis of China’s A-share listed companies from 2010 to 2019 shows that in the sample companies during the growth, mature, and recession stages, the proportion of specific assets and corporate value show a significant positive correlation, a significant negative correlation, and no significant correlation, respectively, and the negative effect in the mature stage is more obvious in state-owned enterprises than in private enterprises. Therefore, enterprises need to proactively adjust asset allocation according to the stage of their life cycle. Enterprises in the mature stage should pay attention to saving transaction costs and increasing universal investment to improve management efficiency, technological innovation and market adaptability, and state-owned enterprises should avoid blind expansion. Enterprises in the recession stage should actively seek new specific investment directions to achieve innovation transformation or development transformation. Moreover, different investment support policies or restrictive policies should be implemented for enterprises in different stages of the life cycle and with different property rights.

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杨洋,黄子建.专用性资产、生命周期与企业价值——基于2013—2019年中国A股上市公司样本的分析[J].西部论坛,2021,31(6):96-110

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  • 在线发布日期: 2022-01-25