业务领域战略资源配置对企业绩效影响的时序特征

Time Characteristics of Effect of Business Scope Resource Configuration on Corporate Performance

基于计量经济学中的多项式分布滞后模型，以我国生物医药制造业上市公司2003—2009年的年报数据为样本，从专业化、相关多元化和垂直一体化三个角度描述企业业务领域资源配置特征；实证研究了业务领域战略资源配置特征对企业绩效的影响及其在时序上的变化规律。研究结果发现，专业化、相关多元化、垂直一体化对企业绩效产生不同影响，随着战略实施的时序推进，其对绩效影响的方向会发生逆转。因此，适时适度地调整战略资源配置是企业可持续发展的保证。

With annual financial report data of the listed companies from bio-medical manufacturing industry from 2003 to 2009 as sample, the impact of the way of resources configuration on performance and its sequential change are investigated, using the polynomial distributed lag panel data models. Resources allocation in business units is measured from three perspectives, focus level, related diversification level and vertical integration level. The empirical results indicate that focus level, related diversification level and vertical integration level has different influence on corporate performance. Furthermore, with the time goes forward after the strategy carried out, the direction of the impact may reverse. Therefore, the adjustment of the strategic resource configuration timely is the guarantee of long - lasting development of the company.