制度环境多样性、跨地区经营经验与服务企业产品市场绩效--来自中国证券业的经验证据

Institutional Environment Diversity, Regional Diversification Experience and Product Market Performance of Service Firms: Evidence from Chinese Securities Industry

企业在跨地区经营时不可避免地要面对各地区多样化的制度环境,不同地区的制度环境对企业提出的要求不同,甚至是相互矛盾的。因此,如何适应多样化的制度环境是企业跨地区经营面临的重大挑战。本文提出了制度环境多样性这一概念,并进一步基于制度理论探讨制度环境多样性和跨地区经营经验对服务企业产品市场绩效的影响。通过理论分析和基于中国证券企业数据的实证检验发现:(1)制度环境多样性与企业产品市场绩效呈倒U形关系,说明制度环境多样性水平过低或过高均不利于提高产品市场绩效;(2)跨地区经营经验对产品市场绩效有正向影响;(3)跨地区经营经验对制度环境多样性与产品市场绩效的关系有调节作用:跨地区经营经验越丰富,制度环境多样性对产品市场绩效的影响越小。本研究首次从理论和实证上探讨了制度环境多样性和跨地区经营经验对企业产品市场绩效的影响,研究结论对服务企业跨地区经营决策有重要启示。

Prior studies mainly focus on the effect of single region＇s institutional environment on firm operation and performance. However, firms commonly operate in multiple regions with dif- ferent institutional environments. This article tries to fill this gap by investigating the effects of multiple institutional environments on firm performance of service firms. Because China＇s regional institutional environments differ to a large extent, a firm typically interacts with different institutional environments when it enters more than one regional markets. How do firms response to the re- quirements of multiple institutional environments is one of the most critical challenges during the process of regional diversification within China. In order to analyze the effect of multiple institutional environments on firm performance, we propose a new concept： in- stitutional environment diversity which captures the heterogeneity of multiple institutional environments. Drawing upon the institu- tional theory, this article empirically investigates the influence of institutional environment diversity and firm regional diversification experiettce on product market performance of service firms. This article, based on evidences of Chinese securities firms from the year 2000 to 2007, finds an inverse U relationship between institu- tional environment diversity and firm product market performance, implying that a firm will achieve the best performance when its in- stitutional environment diversity is moderate. Second, regional di- versification experience, which helps firms to understand and deal with constraints of regional institutional environments, is positively related to firm product market performance. Third, regional diversi- fication experience moderates the relationship between institutional environment diversity and firm product market performance, indi- cating that the richer firm＇s regional diversification experience, the weaker, the influence of institutional environment diversity on firm product market performance. This article contributes to the institu- tional theory by proposing the concept of institutional environment diversity, and empirically investigating the effects of institutional environment diversity and regional diversification experience on firm performance. The results have critical implications for regional diversification decisions of service firms.