企业向高“上游度”行业转型:进击或退却?——基于上市公司行业分类代码变动的实证研究

Enterprise Transition to Higher “Upstream” Industry: Go forward or retreat?——An empirical study based on the changes in the industry classification codes of listed companies

企业向高"上游度"行业转型,能否实现产业提升,走向价值链的高端?为解答这一问题,本文首先对A股市场所有行业进行"上游度"测算,选择2012-2016年行业分类代码发生变动的上市公司作为"转型"样本公司,运用多元回归方法进行分析。研究发现:1)制造业、零售业和房地产是净转出行业,信息技术、公益事业、金融、商业服务等为净转入行业。以跨行业为主,且进入"上游度"较高行业的占43.71%;2)行业地位正在提升、供应链中居强势地位的企业,更有可能向"上游度"较低的行业转型;3)研发投入和营销能力偏弱的企业,更有可能向"上游度"较高的行业转型。这一结果的启示是,向高"上游度"行业转型的企业可能会滑向价值链低端,也即"退却",而非"进击"。

Does the firm go forward to the high-end in the value chain if it takes the'transformation'to the higher'upstream'industry? To answer this question, this paper calculates the'upstream'for all industries in A-share market, and selects the listed companies with changes in industry classification codes in 2012-2016 as'transformation'samples. The results includes: 1)manufacturing, retail and real estate are net transfer-out industries, and information technology, public welfare, finance, and commercial services are net transfer-in industries. The across industries transformation is the major type, and 43.71% of the sample companies move into the industries of higher'upstream'after transformation;2) the firm with rank going up and stronger position in the supply chain would prefer to take the transformation to the lower'upstream'industries;3) the firm with weaker capability in R&D and marketing would moves into higher'upstream'industries and more likely slip to the lower end of the value chain. This result implies that the firm transforming into higher'upstream'industries might move into the lower-end of the value chain.