产业政策对企业非相关多元化经营行为的影响研究

A Study of the Impact of Industrial Policy on Firm's Unrelated Diversification Strategy

基于中国企业跨行经营行为逐渐增多的现状,讨论了产业政策对企业非相关多元化经营行为的引导作用和影响效果。研究发现,当受支持的业务是企业的主营业务时,产业政策主要通过"补贴效应"使企业更加专注于该项业务的经营,减少不相关业务的拓展,这不仅有助于企业创新投入的增加,还可以降低企业风险;而当受支持的业务是企业的非主营业务时,产业政策主要通过"市值效应"激发企业的非相关多元化经营的欲望,但并没有相应带来企业创新投入的提高,反而会增大企业风险;尤其是对于民营企业来说,其非相关多元化经营行为受产业政策的影响程度更大。

Based on the current situation that more and more Chinese enterprises are doing diversified cross-industrial businesses, this paper discusses the guiding function and impact effect of the industrial policies on the unrelated diversification operations of the enterprises. The results show that when the policy supported business is the major business of an enterprise, the enterprise will be made to pay more attention to its major business by the subsidy effect of the industrial policy, and the expansion of the unrelated business will be reduced. This will not only encourage the enterprise to increase the innovation input but also reduce the business risks. However, when the policy supported business is not its main business, the industrial policy will stimulate the enterprise to have the desire of unrelated diversified operations through the market value effect. This will not increase the enterprise＇s innovative input; on the contrary, the business risks will be increased. The unrelated diversified operations of the private enterprises are especially under the impact of the industrial policy.