战略群组的存在性及其对企业绩效的影响——基于中国上市公司的研究

The Existence of Strategic Group,and Its Influences on Performance: Based on Listed Companies in China

在探讨了战略群组的本质之后,提出行业内存在战略群组的前提条件与判断准则,并进一步应用层次分析模型同时验证了企业个体、战略群组和行业3个层面对企业长期和短期绩效的影响。以中国上市公司公开信息为依据,通过对2001-2007年12个行业820家上市公司的实证研究,证明了这3个层次对企业绩效均有显著影响。其中,企业个体的影响最大,而在一些指标上,战略群组对企业绩效的影响甚至超过了行业的影响。研究结论有效地支持了战略群组这一竞争层次是决定企业绩效的重要因素的论断。

After exploring the nature of strategic groups, this paper proposes the prerequisites to engage strategic group analysis. Furthermore, we use hierarchical linear model to simultaneously estimate the influences of firm, strategic group and industry level on short - term and long - term measures performance. Depend on public information of the listed companies in China,based on a sample of 820 listed companies in 12 industries with data across the period 2001 -2007, the study also demonstrates a statistically significant relationship between these three levels and performance using three performance measures. The firm effect is the strongest, while the strategic group effect rivals and for some measures outweighs the industry effect. The results of this study confirm the hypothesis that strategic group is art important level of analysing shape firm performance.