资本预算方法的选择:一个权变理论基础的实证研究

Choices for Capital Budgeting Techniques: An Empirical Study based on Power Theory

中文关键词:  资本预算  战略  企业环境  管理层报酬  分权

英文关键词:revenue management in restaurants  price discrimination  perceived fairness

中文摘要:

      研究企业特征与资本预算方法选择之间的关系,通过121家企业组成的样本进行统计分析后发现:当企业战略处于进攻型,企业倾向于采用简单资本预算方法;当企业的环境可预测性强时,企业倾向于采用复杂资本预算方法,当企业的环境可预测性差时,倾向于采用简单资本预算方法;当企业的外部环境呈简单特征时,企业倾向于采用复杂的资本预算方法;当企业的报酬以长期业绩为基准时,企业倾向于采用复杂的资本预算方法;当企业处于集权时,倾向于采用简单资本预算方法,当企业处于分权时,倾向于采用复杂的资本预算方法。本文的发现对企业如何选择资本预算方法具有重要的指导意义,当企业具有某种特征时,应该选择与该种特征相适应的资本预算方法。

英文摘要:

      This paper studies the relationship between the features of firms and their choices for capital budgeting techniques by statistically analyzing the 121 sampling enterprises.A firm prefers to utilize the simple capital budgeting technique as its strategy turns aggressive.A firm prefers to utilize the complicated capital budgeting technique as the predictability of the its environment is strong.As a firm in homogeneous,they will experience improved relative performance form utilizing DCFT.As a firm's reward system is based on the long-term investment,the firm's relative performance while using DCFT will improve.The degree of decentralization in a firm's capital budgeting process is positively related to the firm's relative performance while using DCFT.The aforesaid discoveries have a significant impact upon a firm on how to choose the capital budgeting techniques accordingly.When a firm is of a feature,it is supposed to choose the corresponding capital budgeting technique which adapts to such feature.