明修栈道,暗渡陈仓——多市场接触,寻租与企业绩效研究

Do one thing under cover of another—A study of multimarket contact,rent seeking and firm performance

竞争行动及其互动是动态竞争理论的重要研究分支之一.本研究以中国上市房地产企业为研究对象,将企业间竞争互动置于更符合竞争实际的多市场接触情境中,同时将行动范畴拓展到非市场领域,探讨多市场接触对企业寻租行动的影响.研究结果如下:第一,多市场接触与企业寻租之间存在倒U型关系,当多市场接触程度高过一个临界值时,相互克制效应在非市场领域产生;第二,企业寻租行为与企业绩效之间负相关,企业的寻租行为并不一定会带来企业绩效的提升;第三,企业寻租是多市场接触影响企业绩效的中介机制,当面临多市场竞争压力时,企业希望通过在非市场领域展开寻租行为提升企业绩效;第四,制度环境会削弱多市场接触对企业寻租的作用效用.上述结论表明,当企业面临多市场接触时采取的竞争策略往往是“明修栈道,暗渡陈仓”,企业间的竞争虽然在市场领域中存在相互克制效应,但背地里却企图通过非市场竞争行动发起进攻,最终导致竞争溢出到非市场领域.本文研究结论有效拓展了现阶段关于多市场竞争的理论研究,对多市场企业更好地把握企业间的竞争互动也具有一定的参考价值.

Competitive action and its attack-response is one of the important research branches of competitive dynamics theory.This study takes Chinese listed real estate companies as the research sample,puts inter-firm competitive interaction into a multi-market contact situation which is more in line with the competition reality,and at the same time expands the scope of action to the non-market area,and expands the scope of action to the non-market area to explore the impact of multimarket contact on the rent seeking actions of enterprises.The results show that:Firstly,multimarket contact has an inverted U-shape influence on rent seeking,with mutual forbearance effects occurring in the non-market field when the indicator of multimarket exceeds a critical value;secondly,there is a negative correlation between rent seeking and firm performance,and rent seeking does not necessarily lead to improved firm performance;thirdly,rent seeking will play a mediating role between multimarket contact and performance.When faced with the pressure of multimarket competition,firms seek to enhance their performance by engaging in rent seeking behaviors in non-market domains;fourthly,institutional environment will weaken the influence of multimarket contact on rent seeking.The above conclusions indicate that when faced with multiple market contacts,firms often adopt a strategy of“Do one thing under cover of another”.While mutual forbearance may be observed among firms in the market domain,they covertly seek to launch attacks through non-market competitive actions,ultimately resulting in competition spillover into non-market domains.The research findings effectively expand the current theoretical research on multi-market competition and provide valuable insights for multimarket firms to better grasp inter-firm competitive interactions.