摘要
基于实物期权公司估值理论,本文以2007~2020年我国A股上市公司为研究样本,考察了政府背景大客户对供应商企业盈余动态、价值创造过程以及价值呈现的影响。研究表明,政府背景大客户能够有效提升企业的盈余持续性,使得资本逐利能力增加,进而提升企业的增长期权价值。进一步分析表明,政府背景大客户的这一积极作用在非国有企业、小规模企业和经济政策不确定性较高的情况下表现更为显著。本文的研究丰富了供应链和公司估值领域的相关文献,也可为相关政策制定提供一定的理论借鉴和经验参考。
Based on the real option valuation theory,this study examines the impact of major government-background customers on the earnings dynamics,value creation process,and value presentation of supplier companies by using Chinese A-share listed companies from 2007 to 2020 as the research sample.This study shows that major government-background customers can effectively enhance the earnings persistence and profit-seeking ability of capital,thereby increasing the value of growth options.Furthermore,this positive effect of major government-background customers is more pronounced in non-state-owned and small enterprises,and during periods of high economic policy uncertainty.This study enriches the literature on supply chain and company valuation.And the research conclusions can provide theoretical guidance and empirical reference for policy-making.
作者
刘喆
荣登镇
靳庆鲁
LIU Zhe;RONG Dengzhen;JIN Qinglu
出处
《财务研究》
CSSCI
2024年第4期63-77,共15页
Finance Research
基金
国家自然科学基金项目(72032003)
教育部人文社会科学重点研究基地重大项目(22JJD790094)。
关键词
政府背景大客户
盈余持续性
资本逐利
增长期权价值
major government-background customers
earnings persistence
capital follows profitability
growth option
