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资产收益、全要素生产率和托宾Q分别从不同的层面反映了公司绩效,组织资本对公司绩效是否发挥重要作用?本文以1998-2013年的中国沪深A股上市公司为研究样本,测度了公司组织资本,基于Fama-French三因子资产定价模型研究发现:我国企业的组织资本对资产收益缺乏预期能力。同时,从全要素生产率和托宾Q层面来探讨组织资本对公司绩效的作用,结果表明:高(低)组织资本公司显著地有高(低)的全要素生产率和高(低)托宾Q。进一步,对竞争性行业和非竞争性行业进行了比较分析,二者的研究结论一致:组织资本与全要素生产率、托宾Q正向相关,组织资本对公司绩效均有促进作用。
Asset return, total factor productivity and Tobin’s Q respectively reflect corporate performance from different aspects, and whether organizational capital plays an important role in corporate performance. This paper takes China’s Shanghai and Shenzhen A-share listed companies from 1998 to 2013 as the research sample, According to the Fama-French three-factor asset pricing model, the organizational capital of a company shows that the organizational capital of a Chinese enterprise lacks the expected ability to return the assets. At the same time, from the total factor productivity and Tobin Q level to explore the role of organizational capital on corporate performance, the results show that: high (low) organizational capital firms significantly high (low) total factor productivity and high (low) Tobin Q . Furthermore, a comparative analysis of the competitive industries and the non-competitive industries is made. Both of them have the same conclusions: organizational capital and total factor productivity, positive correlation between Tobin’s Q and organizational capital contribute to corporate performance.