企业规模、动态竞争行为与企业绩效——基于高科技民营上市公司面板数据

Study on Relationship between Enterprise Size,Dynamic Competitive Behavior and Corporate Performance——based on the Panel Data of High-tech Private Listed Companies

本文在将动态竞争行为分为研发竞争行为和营销竞争行为的基础上,对高科技民营上市公司基于规模变化的动态竞争行为选择倾向及其价值创造效应进行了实证分析,得出以下结论:企业规模与研发竞争行为之间存在显著正向相关性;企业规模与营销竞争行为之间存在显著负向相关性;企业动态竞争行为对企业绩效存在正向影响,且研发竞争行为与营销竞争行为相比,研发竞争行为对绩效提升作用更强。同时,本文还考察了资本结构在企业规模与动态竞争行为选择关系中的调节作用。结果表明,资本结构在企业规模与动态竞争行为选择关系中存在显著调节作用,具体表现为,随着资产负债的增加,企业规模对研发竞争行为的正向影响会逐渐削弱,对营销竞争行为的负向影响会逐渐强化。

Speeding up of economic integration process, development of information technology and gradually complicated customer demands greatly promote the competition mode evolution of enterprise. Survival and continu- ing development of enterprises recently become very important topics which have caused common concern of both theory and practice fields. Dynamic competition refers to competitive situation and competitive atmosphere which is consisted of interaction behaviors between enterprises and their competitors in the same industry. At present, the main content of dynamic competition is related discussion about interaction relationship and established rules of competitive behaviors of enterprises based on the dynamic characteristics of enterprise strategy. As the core elements of competitive theory, competitive behaviors have the characteristics of interaetivity and diversity. Competitive behav- iors between enterprises refer to a series of means and actions adopted by the enterprises which can be observed di- rectly and clearly in order to obtain or maintain the continuous competitive advantage in the market. And from the practice aspect, this study also finds that different enterprises may choose different competitive behaviors, different competitive behaviors may bring different effect and produce different result to the enterprises. Therefore, it is very essential for the enterprises to explore rules and defferent effects of dynamic competitive behaviors under different situations to obtain development in dynamic competition. Then on the basis of previous studies and consideration of the complexity of enterprise competition implementa- tion, this paper makes empirical analysis of dynamic competitive behavior choice and its value creation effect of en- terprises based on the changing enterprise size. Then this study draws the following conclusions：there is significant positive correlation between enterprise size and R＆D competitive behavior;＇ there is significant negative correlation between enterprise size and marketing competitive behavior; dynamic competitive behavior has a positive impact on corporate performance, compared with marketing competitive behavior, this study finds that R ＆ D competitive be- havior makes more contribution to enhance corporate performance, it means that R ＆ D competitive behavior can bring better performance for the enterprise. Also this paper studies the moderating effects of the corporate capital structure between enterprise size and dynamic competitive behavior, and then this study finds that the moderating effects really exists. The moderating effects show that：with the increase of assets and liabilities, the positive correla- tion between firm size and R ＆ D competitive behavior will be weakened, the negative correlation of enterprise size on marketing competitive behavior will be enhanced. Based on the above conclusions ,this paper puts forward the following managerial implications ：firstly, because different competitive behaviors have different implementation features and conditions, enterprises should take reason- able dynamic competitive behavior based on their own size and resources condition ; secondly, regulating role of cap- ital structure reminds that in business development and management practice, enterprises should have reasonable debt. As in the context of high liability, if the enterprise still in pursuit of expanding the scale, the positive effect of enterprise size on competitive behavior will be weakened. Thirdly, compared with marketing competitive behaviors, R＆D competitive behaviors have more complicated implementation conditions and implementation process and have relatively high risk. But technical progress and increase intangible assets brought by R ＆D competitive behaviors can bring the enterprise stronger competitive ability promotion. So R＆D competitive behaviors should be preferential to maintain competitive advantage.