CAJ | 학술논문

本文以我国2005－2012年A股上市民营制造业为研究样本，实证考察了企业金融关联、企业扩张与经营绩效之间的关系。研究发现224家样本中有78畅57％的企业存在金融关联关系，金融关联抑制了企业内部扩张却促进了企业并购等外部扩张；金融关联维护成本降低了会计绩效，在改善市场对公司价值预期上有微弱的正向作用，无论是内部扩张还是外部扩张都对企业的经营绩效产生正面影响；金融关联只有通过企业的行为，使其转化为经营资源，在推进企业内部扩张和外部扩张时才能起到促进企业绩效增长的作用。
본문이아국2005－2012년A고상시민영제조업위연구양본，실증고찰료기업금융관련、기업확장여경영적효지간적관계。연구발현224가양본중유78창57％적기업존재금융관련관계，금융관련억제료기업내부확장각촉진료기업병구등외부확장；금융관련유호성본강저료회계적효，재개선시장대공사개치예기상유미약적정향작용，무론시내부확장환시외부확장도대기업적경영적효산생정면영향；금융관련지유통과기업적행위，사기전화위경영자원，재추진기업내부확장화외부확장시재능기도촉진기업적효증장적작용。
Taking 2005-2012 A -share listed private manufacturing enterprises as the research samples , the paper studies the relationship between financial association , firm expansion and operating performance .Studies show that 78. 57%enterprises have financial association in the 224 samples, and financial association restrains the enterprises′internal expansion but promotes the external expansion such as mergers and acquisitions ;the cost to maintain financial association reduces accounting performance , while it has a slight positive effect on improving the company′s market value to be ex-pected , and firm expansion has positive impact on business performance whether internal or external expansion ; only through the enterprise behavior , can financial association play a role in promoting the growth of corporate performance when it is promoting the expansion of enterprises .