成长性、市场份额与公司绩效

Growth, Market Share and Corporate Performance

以2004-2015年中国上市公司为研究对象,选择8个行业的上市公司对成长性、市场份额与公司绩效的关系进行分组统计分析和实证检验。结果发现,企业成长性对财务绩效有显著的正面影响;行业成长性与市场份额的交叉项对财务绩效有比较显著的正面影响;行业成长性对市场绩效有比较显著的负面影响;企业成长性对市场绩效有显著的正面影响;行业成长性与市场份额的交叉项对市场绩效有比较显著的正面影响。这些发现表明,对于企业来讲,更重要的是快速成长,而不是市场份额;行业成长性与市场份额之间的关系是互补而不是替代。

Taking the Chinese listed companies from 2004 to 2015 as the research object,we have conducted statistical analysis by grouping the listed companies of 8 industries,and empirical tests on the relationship between growth,market share and corporate performance.The results show that the enterprise growth has a significant positive effect on financial performance;the cross term of industry growth and market share has a relatively significant positive impact on financial performance;the industry growth has a negative significant impact on market performance;the enterprise growth has a significant positive effect on market performance;the cross term of industry growth and market share has a relatively significant positive impact on the market performance.These findings suggest that the most important for the enterprises is self-rapid growth,not the market share;the relationship between industry growth and market share is complementary,not alternative.