战略性新兴产业中的企业进入、时机与绩效——基于180家上市公司的实证分析

Enterprise Entry Activities,Its Opportunity and Performance in Strategic and Emerging Industries,Empirical Evidence from 180 Listed Companies

随着我国战略性新兴产业发展的不断深入,大量企业蓄势待发或已经进入这一极具发展潜力的领域,而如何有效地选择进入时机成为企业需要面临的重要战略决策。本文利用2001—2009年战略性新兴产业概念板块的180家企业数据,探寻企业进入战略性新兴产业的行为,并分析企业进入时机与企业绩效间的相互关系。结果显示,企业的进入时机对企业的资产管理能力绩效指标和盈利能力指标具有正向影响,对经营发展能力绩效指标具有负向影响,并且企业的进入时机与产权结构和企业规模对企业的绩效水平提高有正向的交互效应,这一系列结论可以为下一阶段企业正确地选择时机进入战略性新兴产业提供有益的参考。

As China＇s development of strategic emerging industries in various fields, a large number of enterprises have entered the potential field. However, the current problem faced by the enterprises is how to choose the timing of entry effectively. According to the data of strategic and emerging enterprises from 2001 to 2009, this paper analyzes the relationship between enterprises＇ entry opportunity and its performance. We find that the timing of entry of an enterprise has a positive influence on asset management capabilities and profitability of an enterprise, but has a negative impact on business development capacity. Considering corporate ownership structure and the enterprise size, entry time has a positive effect on corporate performance, which would be a useful reference for the company.