【作者】 张川； 高新梓； 潘飞；

【Author】 Zhang Chuan1 Gao Xinzi2 Panfei3 (1.2.Shanghai maritime university, Shanghai 200135 3.Shanghai university of finance and economics, Shanghai 200433 )

【机构】 上海海事大学财务与会计学系； 上海财经大学会计学院；

【摘要】 非财务指标与企业财务业绩的相关性是理论界和实务界普遍关注的问题。理论上来看,企业发展潜力是企业获利的源泉,是企业价值创造的源动力,应该对企业的财务预计具有预测作用,但是缺乏实证研究证据。企业的发展潜力是否真能够反映并预测财务业绩呢?本文以76家国有企业为样本进行了研究。研究表明,企业的发展潜力的确能够反映当前的财务业绩水平,并对未来业绩有显著的预测作用。这为我国完善综合业绩评价体系找到了实证依据。本文首先采取了主成分的方法对3个非财务指标进行了整合,得到发展潜力综合指标,然后重点研究了发展潜力综合指标与企业现在与未来财务业绩之间的关系,得出本文的主要结论。最后对研究结论进行了Robustness检验,我们一方面对单个指标与企业目前与未来的财务业绩的关系分别进行了分析,另一方面采用30家工业企业的数据进行了验证。更多还原

【Abstract】 Are nonfinancial measures associated with financial performance of a company? Can multiple performance measures be applied to Chinese enterprises? We all pay much attention to these questions. In theory, developing potential of a company is the source of profit,it is the promotion of producing value for a company. However, little empirical evidence is available on the behavior of this measure. Does developing potential of a company really reflect and predict the financial performance? Using 2 year data from 78 state owned enterprises, this study provides evidence on the relationship between nonfinancial measures and financial performance. The results indicate that integrated nonfinancial measure, developing potential of a company, is significantly associated with contemporary and future financial performance. This study provides us evidence to perfect our multiple performance measures. In this article, we integrate three nonfinancial measures in a scientific way when study the developing potential .These nonfinancial measures are: creative ability、running strategy and renewing standard of technique and equipment. After we get the integrated measure, we mainly study the relationship of this measure and financial performance of a company. In order to prove our conclusion further, the article studies the relationship between every of the three measures and financial performance. Also, we test our conclusion in only 30 industry companies, and the conclusion is the same.更多还原