【作者】 曾建光； 王立彦；

【机构】 北京物质学院； 北京大学光华管理学院；

【摘要】 截止到2006年,我国企业基本完成了从认识ERP到ERP的导入过程。通过ERP系统的实施,越来越多的与企业运营相关的信息,比如,财务信息,物流信息等,都通过ERP进行处理、优化和实时传输,这样不但可以增加企业的信息透明度,而且也可以降低股东计量、控制管理层行为的监督成本,进而可以进一步影响企业的代理成本和管理层的投资决策行为,进而影响投资效率。基于此,本文考察了ERP系统的实施对于我国上市公司投资效率的影响。研究结果表明:第一,在ERP系统开始实施的当年,上市公司的投资效率显著下降,而对于亏损公司而言,在实施ERP系统当年和ERP正式采用之后,其投资效率显著下降;第二,实施了ERP系统的上市公司,在实施当年其过度投资有显著提升;第三,对于亏损公司而言,在ERP正式采用之后,其投资不足显著恶化;第四,按照自由现金流的高低进行分组之后,在自由现金流高组中,实施了ERP系统的上市公司,其投资效率在第二年之后显著下降;而在低自由现金流高组中,实施了ERP系统的上市公司,其投资效率没有发生显著变化。更多还原

【Abstract】 From the beginning of 1990s to 2006,more and more companies in China start to introduce ERP (Enterprise Resource Planning) to increase the information transparency to improve the operational effectiveness and efficiency.This paper investigates the effects of ERP system implementations on the investment efficiency.We find several points after the ERP system implementations during the introducing periods.Firstly,at the current adoption year,the investment efficiency is lower; but when they are loss,they significantly decrease the investment efficiency after ERP implementation.Secondly,at the first year they are overinvestment after ERP adoption.Thirdly,when they are loss,they significantly worsen their underinvestment after ERP adoption.Forth,when they have more free cash flow,the companies significantly decrease investment efficiency after the second year,whereas investment efficiency has not significantly changed.更多还原