物流业务经营多元化与企业绩效——基于2003-2012年中国物流上市公司的数据分析

Logistics Service Diversification and Firm Performance—An Empirical Study of Logistics Enterprise in China from2003-2011

如何确定物流业务的多元化程度以及具体业务的经营范围,使企业平稳良性发展,是目前中国物流企业转型升级亟待解决的关键问题之一。基于2003-2012年中国上市物流企业财务数据及经营数据进行了实证分析,结果表明:第一,滞后2年的多元化程度与企业绩效呈倒U型关系,将多元化程度控制在0.5到1的范围内有利于企业绩效的改进;第二,中国物流企业多元化进展缓慢,十年间仅由0.236提高到0.374,运输、仓储业务仍然占据主导,集装箱业务、港口服务、供应链解决方案等业务开始逐步成为新的拓展方向和利润来源。第三,从事基础性物流服务的企业应适当增加多元化程度,从事增值性物流服务的企业应合理控制多元化进程。

One of the key questions in Chinese logistics enterprises is how to determine the level of logistics service diversification and specific business scope, which helps enterprise development smoothly and soundly. Based on analyzing the financial and operational data of listed Chinese logistics enterprises from 2003 to 2012, the empirical analysis indicate three views：Firstly the relationship between level of logistics service diversification after 2 years and firm performance has an inverted U-shaped,and keeping the diversification degree in the range of 0. 5 to 1 is good for firm performance~ Secondly the level of Chinese logistics enterprises diversification are is progress, from 0. 236 to 0. 374, traditional transportation and warehousing still predominated in logistics service, but Container service, port service, supply chain solutions gradually become the new direction of business development and profit source; Thirdly basic logistics enterprises should increase degree diversification appropriately, value-added logistics enterprises should rational control the level of diversification.