摘要
本文选取2004-2006年沪深A股上市公司为研究样本,分析企业资源类型与多元化战略选择之间的关系,以及政府干预对企业经营行为的影响。研究发现在资本市场上获取的财务资源以及市场营销方面的无形资源更支持企业进行相关多元化经营;受政府干预程度越高的企业,对提高研发能力、营销能力等长期投资的倾向性越低,但却容易获得银行贷款等方面的支持,且其多元化的程度也越高。上述结果表明,解释我国新兴资本市场上市公司的经营行为需要考虑制度背景,上市公司多元化经营战略不仅受企业资源性质的影响,而且多元化的动机也强调政府干预等制度环境方面的因素。
This paper investigates the relations of corporate resource categories and diversification strategy and govern- ment interference in operation behaviors of listed corporations in year 2004 - 2006. This paper finds that firms with fi- nancial resources from capital market and intangible marketing resources will be prone to the related diversification. The more interfered government is, the more diversified the corporations are, which are inclined low investment in long - term such as R&D and marketing power but easy to be supported with bank loan. These results show that the institution- al background should be involved in the study of the listed corporation behaviors in China emerging economy. The diver- sification strategy of listed corporations will be influenced by both business resources and institutional factors such as government interference.
出处
《中国软科学》
CSSCI
北大核心
2010年第1期116-127,174,共13页
China Soft Science
关键词
公司多元化
政府干预
无形资源
财务资源
corporate diversification
government interference
intangible resources
financial resources