论文标题
投资行为和企业的财务绩效：使用葡萄酒行业的公司级数据的比较分析
Investment behavior and firms' financial performance: A comparative analysis using firm-level data from the wine industry
论文作者
论文摘要
本文评估了财务绩效在解释企业在葡萄酒行业中由三个欧盟（EU）最大生产商中的投资动态的作用。鉴于后来者施加的高度竞争，葡萄酒行业值得调查公司的投资行为。更确切地说，我们研究了来自法国（331家公司），意大利（335）公司和西班牙（442）公司的葡萄酒行业的公司级别数据，资本化，流动性和盈利能力如何影响投资动态。我们使用2007年至2014年的数据，在这些国家之间进行了比较，并依靠差异和系统GMM估计器。具体而言，盈利能力的影响是积极而重要的，而资本化仅对法国和西班牙的投资动态产生重大和负面影响。仅在西班牙的情况下，流动性比的影响是负面的，并且很重要。因此，我们注意到最大生产国的葡萄酒公司的不同投资策略。看来，这些发现通常与流动性和获利能力的不同规格以及我们使用的不同估计量具有鲁棒性。
This paper assesses the role of financial performance in explaining firms' investment dynamics in the wine industry from the three European Union (EU) largest producers. The wine sector deserves special attention to investigate firms' investment behavior given the high competition imposed by the latecomers. More precisely, we investigate how the capitalization, liquidity and profitability influence the investment dynamics using firm-level data from the wine industry from France (331 firms), Italy (335) firms and Spain (442) firms. We use data from 2007 to 2014, drawing a comparison between these countries, and relying on difference-and system-GMM estimators. Specifically, the impact of profitability is positive and significant, while the capitalization has a significant and negative impact on the investment dynamics only in France and Spain. The influence of the liquidity ratio is negative and significant only in the case of Spain. Therefore, we notice different investment strategies for wine companies located in the largest producer countries. It appears that these findings are in general robust to different specifications of liquidity and profitability ratios, and to the different estimators we use.
