钢铁行业上市公司纵向整合与企业绩效关系实证研究——中国钢铁行业集中度下降的一个分析视角

An Empirical Study on Relations between Vertical Integration and Performances of Steel Industry Listed Corporations——An Analysis View of Decreasing on Concentration Ratio of Steel Industry in China

本文以中国钢铁行业上市公司数据为基础,从上市公司纵向整合程度与企业绩效的实证分析入手,分析在纵向整合战略主导下,中国钢铁上市公司企业规模、空间布局与企业绩效的关系。研究发现:钢铁上市公司纵向整合战略提高企业绩效的效果十分明显;在企业纵向整合战略主导下,中国钢铁企业的绩效与产业集中度之间存在负相关关系,而与企业规模无关,企业的空间布局(临近市场、临近资源和临近港口)对企业绩效的影响不显著;纵向整合是钢铁行业上市公司的理性选择,低产业集中度与高行业利润并存是我国钢铁行业在这一发展时期的特征之一。

This paper starts with an empirical study on the relations between vertical integration degree and performance of listed corporations, based on the data from those listed companies of steel industry in China, in order to analyze the relations of corporations scale, spatial distribution and performance in Chinese steel industry under the domination of vertical integration strategy. The results shown that the vertical integration strategy improved steel corporation performance remarkably; that under the domination of vertical integration strategy, those steel corporations＇ performance is negatively correlated with the industrial concentration ratio, while having nothing to do with the firm scale, and also having no apparent relation with spatial distribution; that vertical integration strategy is a rational choice for steel industry listed corporations in China, low market concentration ratio and high industrial profit coexistence is one of the characters of Chinese steel industry at present phase.