CAJ | 학술논문

以2007—2010年我国A股上市公司发生对外直接投资事件作为样本,一方面运用事件研究法探讨我国企业对外直接投资的市场绩效;另一方面结合因子分析法和数据包络分析考察财务绩效。研究表明,我国企业开展对外直接投资在短期内能够给股东带来一定的财富效应;在财务绩效方面,五年内财务变化趋势大致呈＂V＂型,对外投资完成后第三年业绩水平有所提高,但低于投资前一年,企业对外直接投资短期综合绩效未能明显改善。
이2007—2010년아국A고상시공사발생대외직접투자사건작위양본,일방면운용사건연구법탐토아국기업대외직접투자적시장적효;령일방면결합인자분석법화수거포락분석고찰재무적효。연구표명,아국기업개전대외직접투자재단기내능구급고동대래일정적재부효응;재재무적효방면,오년내재무변화추세대치정＂V＂형,대외투자완성후제삼년업적수평유소제고,단저우투자전일년,기업대외직접투자단기종합적효미능명현개선。
This paper taking FDI undertaken by Chinag A shares of listed companies during 2001 -2010 as the examples , on one hand uses event study to explore the FDI of Chinese companies market performance ; on the other hand, combined with faetor analysis and DEA examines the finan- cial performance. Research shows that, FDI can bring financial performance in the short term to the shareholders of companies ; in the financial per- formanee, financial trend is roughly ＂V＂ type within five years, third years financial performance has increased but less than a year ago, FDI of companies performance has not been improved obviously.