战略性新兴产业的进入时机选择:领军还是跟进

The Choice of Timing to Enter the Strategic Emerging Industries:Leading or Following

本文以战略性新兴产业中企业进入时机为切入点,分析领军和跟进策略的动因与绩效差异,研究如何引导有条件的企业及早投资进入战略性新兴产业。研究结果显示,产业的发展前景及预期利润会对企业的进入形成较强的吸引力,产业不可分散的市场风险越大,宏观层面的政策、法规变化越剧烈,企业越倾向于领军进入,捞取早期的"政策好处",规模大、国有色彩强的企业表现得尤为明显。领军进入战略性新兴产业的企业在资产管理能力和盈利能力方面的表现显著优于跟进企业。同时,进入时机与产权结构、企业规模对企业绩效的提高存在着显著的交互效应。基于以上结论,本文提出了引导企业投资进入战略性新兴产业的政策建议。

In this paper, through analyzing the impact factors and performance between the strategies of leading and following of entry the strategic emerging industries, we attempt to figure out how reasonable lead enterprises to enter the industries as early as possible. The results demonstrate that, the developing prospect and expected profit could attractive enterprises to enter this industries. Meanwhile, the bigger un-dispersed risk and stronger change in policy and regulations an industry has, the more likely for an enterprise to enter this industry as a leader. The enterprises which enter the industries as leaders could have better performance in the ability of asset management and profitability. In addition, the timing of entry, the structure of property ownership and enterprise scale have an interactive effect with the performance level of a enterprise. Based on the conclusions above, we put forward some policy advices on guiding enterprises invest into the strategic emerging industries effectively.