财贸研究
財貿研究
재무연구
Finance and Trade Research
2015年
1期
116~124
,共null页
复制动态方程 盈利能力 企业成长
複製動態方程 盈利能力 企業成長
복제동태방정 영리능력 기업성장
replicator dynamic equation; profitability; growth rate
基于＂复制动态方程＂的主要假设,以盈利能力与成长速度的关系为出发点,选择1714家制造业上市公司1990—2013年数据,建立动态面板数据模型并采用系统广义矩法估计,实证分析企业盈利能力对其成长速度的影响。结果显示：企业盈利能力与成长速度之间存在正相关关系,但前者对后者的影响较为微弱。这表明盈利能力并非是企业成长的决定性因素,即＂复制动态方程＂的理论与企业成长的实际并不完全相符。进一步,从＂复制动态方程＂的基本假设出发,对不符之处进行了合理解释。
基于＂複製動態方程＂的主要假設,以盈利能力與成長速度的關繫為齣髮點,選擇1714傢製造業上市公司1990—2013年數據,建立動態麵闆數據模型併採用繫統廣義矩法估計,實證分析企業盈利能力對其成長速度的影響。結果顯示：企業盈利能力與成長速度之間存在正相關關繫,但前者對後者的影響較為微弱。這錶明盈利能力併非是企業成長的決定性因素,即＂複製動態方程＂的理論與企業成長的實際併不完全相符。進一步,從＂複製動態方程＂的基本假設齣髮,對不符之處進行瞭閤理解釋。
기우＂복제동태방정＂적주요가설,이영리능력여성장속도적관계위출발점,선택1714가제조업상시공사1990—2013년수거,건립동태면판수거모형병채용계통엄의구법고계,실증분석기업영리능력대기성장속도적영향。결과현시：기업영리능력여성장속도지간존재정상관관계,단전자대후자적영향교위미약。저표명영리능력병비시기업성장적결정성인소,즉＂복제동태방정＂적이론여기업성장적실제병불완전상부。진일보,종＂복제동태방정＂적기본가설출발,대불부지처진행료합리해석。
Based on the main assumptions of ＂replicator dynamic equation＂, the paper chooses the re- lationship between profitability of a firm and its growth rate to be the starting point, takes advantage of the data of 1714 manufacturing listed companies （from 1990 to 2013）, establishes a dynamic panel data model and uses the System GMM to solve it, and empirically testes the effect of profitability on growth rate. The results show that there is a positive relation between the two variables, but the impact of profitability on growth rate is somehow a little weak. This shows that probability is not the defective factor for firms＇ growth, namely the theory of ＂replicator dynamic equation＂ is not consistent with the actual situation of firms＇ growth behavior. Furthermore, the paper interpretes the discrepancies through the basic assumption of the ＂replicator dynamic equation＂.
