多种行业因素与多元化战略的关系研究——基于中国上市公司的实证研究

Research on the Relationship between Industry Multi-factors and Corporation Diversification——An Empirical study Based on Chinese Listed Company

本文从行业层面出发,探究行业吸引力、行业规模、行业特征三个维度的六个行业环境变量对企业实施多元化战略的影响。本研究采用动态面板模型的估计方法,针对2003-2007年五年间645家中国上市公司3225个样本的实证研究结果发现,处于缓慢增长和利润较低的行业中的企业,更倾向于实施高水平的多元化战略;行业总产量以及行业内从业企业数量的增长率对于企业的多元化程度具有显著的正向影响;需要较多固定资产投入、资本密集度较高的行业内的企业多元化程度较低。本文的贡献在于率先深入探究并验证了外部行业环境对企业多元化程度的作用,弥补了相关研究的空白,进一步推动多元化研究向前发展。

ince the 1950s,many researchers in economy and management have conducted a wide range of in-depth researches in the diversification strategy,the consequence and its influential factors during the past half century,especially the last three decades.Research shows that the industries and industry characteristics have fundamentally impacted on the competitive conditions facing firms.Although the empirical study has taken industry or the profit rate of the industry as a control variable,however,how industry has influenced the corporation diversification strategies is an issue largely overlooked in the strategic management literatures.This paper develops a theoretical framework,including three dimensions-the attractive of the industry,the size and characters ten variables in total to understand how industry may influence a firm＇s choice of its degree of diversification.Then we utilize a panel dataset involve 3225 samples of Chinese listed companies in the period 2003-2007,providing the empirical evidence that industry factors are statistically significant factors explaining the degree and scope of firms＇ diver-sification.The main contribution of this study lies in the following three aspects：firstly,we take the initiative in exploring and verifying the effect of a number of industry factors on the firm diversification strategy and fill in gap in the research,which has greatly enriched the researches in the factors influencing diversification.Secondly,one notable characteristic of this study is the time zone is not settled at a fixed time but during the five year period 2003-2007 when the social and economy environment is stable and grows quickly.Bases on the panel data of Chinese listed companies,the study finds the relationship between industry factors and diversification.Different from the previous major researches in diversification strategy,we not only examine the external factors influencing diversification but also explored the dynamic characteristics of evolution.The diversification strategy has strong time inertia,which means the degree of diversification of previous period influences future diversification in a large extent.By adding lagged explained variables,we separates the characteristics of the inertia,which makes the conclusions in this paper more robust and reliable than those of the previous studies.Finally,this study finds based on the attractiveness of the industry of the firm,industry size and competitive level,and the degree of industry capital intensity,firms in different industries have different demand for diversification strategy.