中文摘要：

现有的众多经验研究证明，组织中的预算松弛是十分普遍的，而代理理论与权变理论是有效解释预算松弛的重要理论。文章选择我国上市公司2001～2004年的预算数据，研究上市公司预算松弛的影响因素及其对公司业绩的影响。研究发现：1．股权性质、股权结构和企业规模是解释预算松弛的重要变量；2．一个严紧的预算目标有助于提高企业的ROA和ROE，但并未提高企业的主业盈利能力。

英文摘要：

Many empirical researches indicate that budget slack is prevalent in organizations. There are two important theories for explaining budget slack： agency theory and contingency theory. We select budgetary data from the companies listed in Shanghai or Shenzhen to research on budget slack. Empirical results illuminate： 1. Ownership property, ownership structure and firm size are important explanatory variables for budget slack. 2. Tight budget does not have effective incentive effect, but improve manager＇s motivation to manage earnings.