企业价值:动荡环境中的重心?(上)

Corporate values:A centre of gravity in turbulent environments?

我们的目的是在变化的环境中,推动行业战略管理理论中“企业价值”的应用研究。借助五个不同行业中具有典型意义的企业,通过考察企业价值对消费者、顾客和客户的不同作用,从四个重要维度量化并分析了市场对企业公开声明的战略的观点,并且说明了在产业效应中考虑到动荡因素的可能性。结论是:特定行业在顾客对不同类型的动荡的感知面前是非常脆弱的,在很多大型企业中也是如此。笔者认为,相对于渐进变化环境中的企业价值,在激进、动荡市场环境或间断均衡中的企业价值更为明显,与顾客和客户的关系也更为紧密。

The purpose of this paper is to contribute to the practical value of ＂corporate values＂ in strategic management theories relating to sectors of business with changing environments. Using representative firms of five business sectors, we quantify and analyse the market＇s opinion of their pubficly stated strategy across four key dimensions and show that it is possible to account for turbulence in industry effects, by examining the differing utility of their corporate values for consumers, customers and clients. We conclude that certain business sectors are indeed vulnerable to customer perceptions of turbulence of different types, and whilst central and resident in all large businesses, we contend that corporate values are more apparent and relevant to customers and clients of the firms in discontinuous and turbulent market environments, or those in punctuated equilibriums, than those in incrementally changing environments.