【作者】 苏顺兵；

【导师】 李丹；

【作者基本信息】 华中科技大学 ， 管理科学与工程， 2006， 硕士

【摘要】 企业规模是国民经济的重要组织基础,它合理与否,直接关系到产业结构的合理化和存量资本配置效率的高低,进而关系到经济增长的水平和质量。本研究收集了我国沪深两地974家上市公司4年多项年报数据,采用多种分析方法对我国上市公司企业规模进行实证研究。本研究提出了一个综合评价企业规模的指标体系,从企业规模实力、企业规模经济性和企业规模合理性三个方面对企业规模进行综合量化评价,并选择因子分析方法对本研究的样本进行了综合排名。在企业规模综合评价指标体系的基础上,本研究运用生产函数模型、交易费用理论和判别分析法等三种研究方法对研究样本从行业和区域的角度进行了实证研究。研究选择能较好反映企业规模状态的C-D生产函数,将总资产、固定资产、员工人数、总成本和管理费用5项作为生产函数的投入组合,将总收入作为生产函数的产出,估算出实证研究样本的生产函数模型。交易费用理论能够很好解释企业边界问题,但是,如何衡量企业的交易费用,并将其进行量化研究还没有取得进展。本研究在交易费用理论的基础上,对交易费用进行合理转换,对实证研究样本进行了量化研究。判别分析法也是研究企业规模较常用和有效的一种分析方法。本研究在企业规模评价指标体系的基础上,采用判别分析方法对实证研究样本企业规模状态进行了研究。三种研究方法所得出的结果比较一致。综合三种方法的实证研究结果,可以认为规模比较合适的行业有:交通工具业、冶金业、化工业等3个行业,规模比较合适的地区为:江苏、辽宁、山东等3个地区。三种研究方法都得出我国上市公司企业规模普遍偏小的结论,因此,我国大多数上市公司可以通过扩大企业规模获得更好的收益。更多还原

【Abstract】 The enterprise scale is the important organization basis of national economy. Whether it is reasonable or not, it will be directly related to the rationalization of industrial structure and the efficiency of capital stock scheme, ulteriorly it will influence the level and quality of economy growth. In this study, Annual Reports (2000, 2002, 2003, and 2004) of 974 Chinese listed companies are collected; all these companies are in Shanghai and Shenzhen. Also many different analytical methods are used to carry on empirical research on the enterprise scale of these companies.A group of indices is presented in this study. It comprehensively evaluates the enterprise scale through its power, economy and rationality. And factor analysis is selected to rank the sample companies. On the basis of the indices system above, production function models, transaction costs theory and discriminant analysis are used to carry on empirical research on the sample companies in the contest of industry and region. C-D production function is chosen to form the production function model in this study. And the input is made up of total asset, fixed asset, staff population, total cost and overhead expense; furthermore, revenue is the output. Although enterprise boundary can be well explained by the transaction cost theory, it is gainless when measuring the transaction cost and then being used in the quantification research. Based on the transaction cost theory, it takes rational transformation of the transaction cost to carry on the quantification research. Discriminant analysis also is an effective and commonly used method when studying the enterprise scale. On the basis of the indices system, discriminant analysis is also used to carry on empirical research in this study. The results from all these 3 methods have a high consistency. The findings show that: (1) companies of transport, metallurgical and petrochemical industry have more appropriate enterprise scale; (2) companies in Jiangsu, Liaoning and Shandong province have more appropriate enterprise scale. And the results from these 3 methods all show that the Chinese listed company is small-scale company. So the majority of Chinese listed companies can have better returns through expanding its enterprise scale.更多还原