中国企业非相关多元化与创新投入关系研究

A research on the relationship between unrelated diversification and firm's innovation investment in China

国内外一些研究认为多元化战略特别是非相关多元化战略的实施会损害企业的价值和核心竞争力。但是在技术迅速变化的年代,传统的以资源为基础的核心竞争优势理论受到了挑战。固守企业的核心竞争力也会给企业带来组织惰性。非相关多元化意味着企业将拓展新的产品领域并投资新的技术。非相关多元化有利于企业发展一种动态能力从而适应不断变化的外部环境。本文通过文献梳理探索了企业非相关多元化战略影响企业创新投入的内在机理。非相关多元化战略的实施扩大了企业的规模从而改变了企业创新的力度;非相关多元化战略实施企业建立的多事业部组织机构中部门经理面临的短期财务业绩考核约束了企业创新投入的力度;企业实施非相关多元化战略使用企业内部资本市场替代外部不发达资本市场增加了研发项目获得资金支持的机会;实施非相关多元化战略的企业在高度不确定环境下通过投入不同于原有产品技术的创新增强了自身适应动态变化环境的能力。本文利用世界银行对中国12400个企业的调查数据实证研究发现总体上中国企业的非相关多元化显著促进了企业研发投入的增加。根据中国企业非相关多元化程度分类回归发现,超过90%的企业的非相关多元化程度低于5%,在0到5%区间范围内,非相关多元化与企业的创新投入显著正相关。这意味着对于绝大多数中国企业而言,由于大举进入一个完全陌生的新产品会遭遇较高的风险,这些企业只是尝试进入一个新的产业。由于新的产业与原来的产业所需要技术完全不同,新旧技术之间不存在协同效应,因此进入新领域的初期这些企业加大了研发投入。非相关多元化程度超过5%之后,非相关多元化与企业创新投入力度的相关系数为负,但是并不显著。研究还发现企业历史、企业高学历员工比例及其代表的企业所处行业的技术机会等因素都显著促进了企业创新投入,总经理短期激励则显著减少了企业创新投入。本文还根据中国企业的制度背景进行了分类分析。无论对于国有企业还是非国有企业,非相关多元化都促进了企业的创新投入。非国有企业非相关多元化战略对创新投入的促进效果略高于国有企业。国有企业相比非国有企业更偏好非相关多元化经营和研发创新。国有企业总经理短期经济激励对企业创新投入的负面影响力度要超过非国有企业。非国有企业的历史促进了创新投入。国有企业负债率、企业经营利润率以及获利的不确定性与研发力度呈现正的联系。无论是国有企业还是非国有企业,企业所在产业的外部技术机会对企业的研发投入起到促进作用。

Some of the academic researchers at home and abroad finds out that the diversification strategy used in the firm especially the unrelated- diversification is harmful to the performance and core competence of firms. But in the age of rapid technology change,the traditional resources- based theory of core competency faces a strong challenge. Insisting on core competency will make the firm trapped in organizational inertia. The unrelated diversification strategy means firms will enter a new industry and invest RD on new technology. Unrelated- diversification strategy will help firms to develop a dynamic capability to adapt to the changing environment. This paper analyzes the internal process how firms＇ diversification strategy influences their RD investment through literature reviews. The enforcement of unrelated strategy will enlarge the size of firms and then change their RD inputs decision. The multi- division structure of unrelated diversified firms means that the product division manager will be guided by short- run financial goals and then the firms＇ RD investment decision will be influenced. The diversified firm has more information advantage to use internal capital market to develop new products than that in the outside capital market. The unrelated- diversification strategy can help the firm to develop its dynamic capability to adapt to the highly changing environment through investment on new technology different from the old industry. This paper finds that unrelated diversification strategy used in Chinese firms has significantly increased the RD expenditure based on the empirical analysis using the data collected by World Bank which investigated 12400 Chinese firms. The regression analysis is based on the interval of＂the degree of diversification＂. More than 90% of the sample Chinese firms＇ degree of unrelated diversification is less than 5%,the coefficient between the degree of unrelated diversification and firm＇s RD expenditure are significantly positive in the interval from 0 to 5%. This means that most of the Chinese firms have only use low- level of unrelated diversification strategy because they try to avoid the high risk to make a huge investment on an unfamiliar product. As a new industry has no relation to the existing field where the firm is located,there is no synergy effect between existing technology and new technology. The firms have to invest more on RD at the beginning when it comes to the new industry. And the sign of coefficient is negative but there is no significant relationship when the degree of unrelated diversification is more than 5%. I also find that the history of firms and its ratio of the number of the college educated employees to the whole employees can represent the firm＇s technology opportunity in the industry where the firm is located,and both these two factors can significantly increase the firm＇s RD inputs while the short- time financial bonus for CEO reduces the firm＇s RD input. The empirical analysis of this paper based on the institution attribute of the firms finds out that for both state- owned firms and non- state- owned firms in china,the unrelated diversification strategy increases the firm＇s RD inputs. The positive influence on RD inputs in non- state- owned firms is a little stronger than in state- owned firms.The state- owned firms have more interest on both the unrelated diversification strategy and the RD investment than the non-state- owned firms. The negative influence on RD input from the short- term financial incentives for CEO are stronger in state- owned firms than that in non- state- owned firms; the history of firms can increase the RD inputs for the non- state- owned firms. The debt ratio,profit rate,uncertainty of profitability has a significant positive relationship with RD investment for state- owned firms. The technology opportunity of the industry can promote the RD investments for both kinds of firms.