增长与非增长资本投资及未来业绩*

IF 1.6 Q3 BUSINESS, FINANCE Accounting Perspectives Pub Date : 2023-06-20 DOI:10.1111/1911-3838.12342
Ling Chu, Robert Mathieu, Chima Mbagwu
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引用次数: 0

摘要

大多数关于资本支出对未来绩效影响的研究使用现金流量表中披露的总资本支出。然而,在本研究中,我们区分了增长资本投资(增加生产能力)和非增长资本投资(仅维持或减少当前产能)。对于增长型资本投资,我们记录了与年度业绩的负相关,在随后的一年变为正相关。对于非增长资本投资,我们观察到与年度业绩呈非负相关。对于非增长资本投资,我们记录了一个正相关,表明撤资是有益的。也就是说,企业可能在处置非生产性资产。我们的研究结果表明,披露资本投资的性质对于更好地评估公司投资决策的未来影响非常重要。
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Growth and Nongrowth Capital Investments and Future Performance*

Most studies on the impact of capital expenditure on future performance use the aggregate capital expenditure disclosed in the cash flow statement. In this study, however, we distinguish between growth capital investments (that increase production capacity) from nongrowth capital investments (that only maintain or reduce current capacity). For growth capital investments, we document a negative association with year-ahead performance, which becomes positive in the subsequent year. For nongrowth capital investments, we observe a non-negative association with year-ahead performance. For nongrowth capital investments, we document a positive association, suggesting that the divestment is beneficial. That is, firms are likely disposing of nonproductive assets. Our results suggest that disclosing the nature of capital investments is important to better assess the future impact of a firm's investment decisions.

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来源期刊
Accounting Perspectives
Accounting Perspectives BUSINESS, FINANCE-
CiteScore
2.60
自引率
0.00%
发文量
30
期刊介绍: Accounting Perspectives provides a forum for peer-reviewed applied research, analysis, synthesis and commentary on issues of interest to academics, practitioners, financial analysts, financial executives, regulators, accounting policy makers and accounting students. Articles are sought from academics and practitioners that address relevant issues in any and all areas of accounting and related fields, including financial accounting and reporting, auditing and other assurance services, management accounting and performance measurement, information systems and related technologies, tax policy and practice, professional ethics, accounting education, and related topics. Without limiting the generality of the foregoing.
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