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2017-01-23 发布于北京
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The Competitive Strategy of Enterprise，Budgetary Slack and Enterprise Value.doc

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The Competitive Strategy of Enterprise，Budgetary Slack and Enterprise Value 　　Abstract. Budget management plays an important role in the control of the management of all types of enterprises. In this study， we conduct research based on the contingency theory， using the budget data of Shanghai a-share listed companies in China from 2008 to 2011. our research shows that， companies who take differentiation competitive strategy have a higher degree of budgetary slack than those who take cost leadership strategy； In terms of the overall sample， there is a negative correlation between enterprise value and its degree of budgetary slack； For those who take differentiated strategy， appropriate budget slack is beneficial to the development of the enterprise. 　　Key words： corporate competitive strategy； contingency theory； budgetary slack； enterprise value. 　　1. Introduction 　　In the 1920s， companies such as DuPont and General Motors brought budget into business management for the first time， which can help enterprises plan internal production capacity， coordinate distribution of benefits among all levels of management， enhance the rationality of enterprise resource allocation and adapt to the external market environment. Having been developed up to now，budget management has been widely recognized by enterprises （Mao，Zhu，2009）. However，the problem called budgetary slack has not been solved properly. For the pros and cons of budgetary slack， foreign researchers mainly used the agency theory or contingency theory to effectively explain. Agency theory holds that budgetary slack is intentional interference whose budget target is lower than the desired level （Chow，1991）； Out of self-interest， managers make irrational allocation of enterprise resource， which causes operating inefficiencies and eventually leads to the reduction of enterprise value； However， contingency theory holds that when the uncertainty of the external environment faced by enterprises is high or what ente