竞争战略、资本经营与企业绩效

摘要基于企业资本经营的度量和竞争战略的识别,将资本经营纳入竞争战略-企业绩效分析框架,考察资本经营在竞争战略与企业绩效之间的调节作用。以2008—2017年A股上市公司为样本,通过实证研究发现:实施低成本、差异化战略能显著提高企业绩效,而资本经营显著促进了两种竞争战略对企业绩效的提升,且对低成本战略企业的促进作用更强。进一步结合竞争战略实施的驱动因素探讨资本经营发挥作用的机理,发现在低成本战略企业中,资本经营通过缓解融资约束和提高企业学习能力两条路径提高企业绩效,而在差异化战略企业中,则只有缓解融资约束的路径得到验证。将资本配置理论纳入到竞争战略管理的分析,有利于引导企业以提高资本配置效率为途径增强竞争优势,实现竞争战略优化。

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	王贞洁
	王惠
	李真真

关键词：竞争战略资本配置理论资本经营企业绩效

Abstract： Based on the measurement of capital operation and identification of competitive strategy,this paper puts capital operation into the framework of “competitive strategy-firm performance” analysis, and investigates the moderating effect of capital operation on competitive strategy to improve firm performance. Based on the sample of A-share listed companies from 2008 to 2017, this paper finds that the implementation of low-cost and differentiation strategy can significantly improve firm performance, while the capital operation can significantly promote the improvement of the two competitive strategies to the firm performance, and the effect is stronger in low-cost strategic firms. Combined with the driving factors of competitive strategy, it is found that in low-cost strategic firms, capital operation can improve firm performance by easing financing constraints and improving learning ability, while in differentiation strategic firms, only the path of easing financing constraints is verified. This study incorporates the capital allocation theory into the analytical framework of competitive strategic management which is conducive to guiding firms to establish competitive advantages by improving capital allocation efficiency.

Keywords： Competitive Strategy Capital Allocation Theory Capital Operation Firm Performance

收稿日期 2021-01-04; 接受日期 ;

基金资助:国家社会科学基金项目(19BJY025)

作者简介: 王贞洁(1982-),女,山东青岛人,博士,教授,博士生导师,主要从事公司治理与财务行为研究;王惠(1996-),女,山东临沂人,博士研究生,主要从事企业竞争战略与资本配置研究;李真真(1995-),女,山东潍坊人,硕士研究生,主要从事企业竞争战略与资本配置研究。王贞洁为本文通讯作者。

引用本文:

王贞洁, 王惠, 李真真.竞争战略、资本经营与企业绩效[J]. 经济经纬, 2021,6: 103-112

WANG Zhenjie, WANG Hui, LI Zhenzhen.Competitive Strategy, Capital Operation and Firm Performance[J] Economic Survey, 2021,V38(6): 103-112

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I6/103

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