经济新常态下多元化与企业绩效——基于动态能力的视角

Diversification and Firm Performance under the New Economic Normality: A Perspective Based on Dynamic Capabilities

本文分别从风险分散、范围经济和内部化市场失灵等角度阐述了多元化对企业绩效的正面影响,从管理成本和交叉补贴等角度讨论了多元化对企业绩效的负面影响,分析经济新常态下动态能力对企业多元化绩效的调节作用,认为动态能力低的企业,多元化对企业绩效的影响较负面,动态能力高的企业,多元化对企业绩效的影响正面。利用2015年至2017年沪深300公司数据,构建了六个面板回归模型,分别讨论经济新常态下多元化与企业绩效、非相关多元化与企业绩效、相关多元化与企业绩效、动态能力的调节作用、低动态能力下多元化与企业绩效、高动态能力下多元化与企业绩效六组关系,实证分析得出以下主要结论:多元化对企业绩效存在显著的负面作用;非相关多元化对企业绩效具有显著的负面影响;相关多元化对企业绩效没有显著的影响;动态能力具有调节作用,能够正向调节多元化对企业绩效的影响;高动态能力下,企业多元化能显著提升企业绩效;低动态能力下,企业多元化对企业绩效具有显著的负面作用。

This paper expounds the positive impact of diversification on corporate performance from the perspectives of risk dispersion, scope economy and internal market failure. It discusses the negative impact of diversification on corporate performance from the perspectives of management cost and cross-subsidy. Analyze the dynamic capacity of the new normal economy to regulate the diversified performance of enterprises. It is considered that the enterprises with low dynamic capacity have a negative impact on corporate performance, and those with high dynamic capacity have a positive impact on corporate performance. Using the listed companies included in the CSI 300 Index from 2015 to 2017, we constructed six panel regression models to discuss six groups of relationships, namely, diversification and enterprise performance under the new economic normal, non-related diversification and corporate performance, related diversification and corporate performance, dynamic capacity adjustment, diversification and corporate performance under the low dynamic capability, and diversification and corporate performance under the high dynamic capability. The empirical analysis leads to the following main conclusions: diversification has a significant negative effect on corporate performance;corporate performance has significant negative impacts;related diversification has no significant impact on firm performance;dynamic capabilities have a regulatory role that can positively regulate the impact of diversification on corporate performance;and under high dynamic capabilities, corporate diversification can significantly enhance corporate performance;under low dynamic capacity, corporate diversification has a significant negative impact on corporate performance.