影响企业纵向一体化绩效的战略期权价值研究

Empirical Test of Strategic Options Value Affecting Vertical Integration Performance

企业在实施纵向一体化战略中,外部环境的不确定性给战略期权带来价值。本文通过对20个产业包括653家上市公司的实证研究,检验了战略期权价值与纵向一体化绩效之间的相关性。得出结论转换期权和增长期权正向影响纵向一体化绩效,而退出期权和延迟期权与纵向一体化绩效没有显著的相关关系。

When executing vertical integration strategy,the uncertainty of the external environment brings value to the strategic options embedded.an empirical test is performeds on the correlation of the value of strategic options and vertical integration performance by analyzing the data of 20 industries covering 653 listed companies.The conclusion of the test is that switch options and growth options are positively related to vertical integration performance.However,quit options and defer options are not significantly correlated to vertical integration performance.