产品多元化对企业绩效的影响——资源异质性与国际化的调节效应检验
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- 英文论文题名：Product Diversification and Firm Performance:the Moderating Role of Resource Heterogeneity and Internationalization
- 论文作者：马海燕 ; 于孟雨 ; 王天宇
- 英文论文作者：MA Hai-yan ; YU Menryu ; WANG Tian-yu ; Economic and Management School ; China University of Geosciences
- 年：2016
- 作者机构：中国地质大学(武汉)经济管理学院;
- 论文关键词：产品多元化 ; 资源异质性 ; 国际化 ; 企业绩效
- 英文论文关键词：product diversification ; resource heterogeneity ; internationalization ; firm performance
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F406.7;F425
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：11
- 文件大小：919k
- 原文格式：O
- 会议级别：全国
摘要
转型经济体中许多企业把产品多元化当作发展壮大的首选,而产品多元化具有"折价"和"溢价"截然不同的效果,产品多元化和企业绩效关系的研究存在争议性地多种观点。本文从多元化不同维度的内部联动和资源配置的角度,检验国际化和资源异质性对产品多元化与企业绩效的调节作用。以A股1174家中国制造企业上市公司为研究样本,通过多阶段最小二乘法进行分析,结果表明:国际化在产品多元化和企业绩效之间起着正向调节作用;资源异质性中,财务资源和营销资源优势对产品多元化与企业绩效关系的正向调节作用显著,但技术资源的调节作用并未得到支持。本文的研究回应了资源基础学派对产品多元化与绩效关系研究探寻新的中间变量号召,对企业总体层面战略选择、资源与能力及其组合的培育具有借鉴意义。
Product Diversification is appealing to firm in emerging economies.However,product diversification has competing results like diversification discount and diversification premium.There is debate concerning the main relationship between product diversification and firm performance.The article argues that resource heterogeneity and internationalization plays moderate effect between product diversification and firm performance.Analyzing a sample of 1174 Chinese firms,the results show internationalization play a positive moderating role in the relationship between product diversification and firm performance.Performance of the firms who possess financial advantage and marketing advantage is better than firms who don't have such strengths.However,the moderating effect of technological resource between main relationships is not supported.This study responds to the call of exploring more contingencies from RBV community and is beneficial for firm when make corporate strategy and resource cultivation.
Product Diversification is appealing to firm in emerging economies.However,product diversification has competing results like diversification discount and diversification premium.There is debate concerning the main relationship between product diversification and firm performance.The article argues that resource heterogeneity and internationalization plays moderate effect between product diversification and firm performance.Analyzing a sample of 1174 Chinese firms,the results show internationalization play a positive moderating role in the relationship between product diversification and firm performance.Performance of the firms who possess financial advantage and marketing advantage is better than firms who don't have such strengths.However,the moderating effect of technological resource between main relationships is not supported.This study responds to the call of exploring more contingencies from RBV community and is beneficial for firm when make corporate strategy and resource cultivation.
引文
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[2]Prahalad C K,Hamel G.The core competence of the corporation[J].Harvard Business Review,1990,68(3):79-91.
[3]Purkayastha S,Manolova T S,Edelman L F.Diversification and performance in developed and emerging market contexts:A review of the literature[J].International Journal of Management Reviews,2012,14(1):18-38.
[4]彭程,刘星.代理冲突下企业多元化投资行为的实物期权分析[J].中国管理科学,2006,16(5):82-86.
[5]Fernhaber S A.Patel P C.How do young firms manage product portfolio complexity?The role of absorptive capacity and ambidexterity[J].Strategic Management Journal,2012(33):1516-1539.
[6]曾鸣.略胜一筹:中国企业持续发展的出路[M].北京:机械工业出版社.2006.
[7]Su W.Tsang W K.Product diversification and financial performance:The moderating role of secondary stakeholders[J].Academy of Management Journal.2015,4;1128-1148.
[8]Palich L E,Cardinal L B,Miller C C.Curvilinearity in the diversification-performance linkage:An examination of over three decades of research[J].Strategic Management Journal,2000,21(2):155-174.
[9]何郁冰,佳敏.企业多元化战略的内部关联及其对绩效的影响——来自中国制造业上市公司的经验证据[J].科学学研究,2015,33(11):1715-1726.
[10]李桂华,黄磊,卢宏亮,代工专用性投资、竞争优先权与自有品牌战略[J],南开管理评论,2013,16(6):28-37.
[11]Chakrabarti A,Singh K,Mahmood I.Diversification and performance:Evidence from East Asian firms[J].Strategic Management Journal,2007,28(2).101-120.
[12]Wan W P.Hoskisson R E,Short J C.et al.Resourcebased theory and corporate diversification:Accomplishments and opportunities[J].Journal of Management,2011,37(5):1335-1368.
[13]Rothaermel F T.Strategic management(2ed)[M].McGraw-Hill/Irwin,2014.
[14]Gort M.Diversification and integration in American industry[J].Princeton N J:Princeton universict Press,1962.
[15]Rumelt R P.Strategy,structure,and economic performance[J].Cambridge,MA:Harvard University Press,1974.
[16]傅继波,杨朝军.上市公司多元化经营与公司价值研究[J].中国地质大学学报(社会科学版).2005,5(4):36-40.
[17]姚铮,马超群,杨智.新产品开发网络资源与技术资源匹配关系[J].中国管理科学,2006,24(4):148-158.
[18]Benito-Osorio D,Guerras-Martin L A,Zuniga-Vicente J A.Four decades of research on product diversification:A literature review[J].Management Decision,2012,50(2):325-344.
[19]Bausch A,Krist M.The Effect of context-related moderators on the internationalization-performance relationship:Evidence from meta-analysis[J].Management International Review,2007,47(3):319-347.
[20]Stephan M.Diversification profiles of multinational corporations:An empirical investigation of geographical diversification,product diversification and technological diversification[C]//Proceedings of the 28th EIBA Conference,Athens,Greece,2002,
[21]陈立敏,王小瑕.国际化战略是否有助于企业提高绩效——基于Meta回归技术的多重误设定偏倚分析[J].中国工业经济,2014,(11):138—143.
[22]杨丽丽,江心英,赵进.国际化与企业绩效的关系——以江苏制造业企业为例[J].科技管理研究.2011,31(1):116-122.
[23]Singh D A.Gaur A S.Schmid F P.Corporate diversification,TMT experience,and performance:Evidence from German SMEs[J].Management International Review,2010,50(1):35-56.
[24]Barney J B.Firm resources and sustained competitive advantage[J].Journal of Management,1991,17(1);99-120.
[25]Wernerfelt B.A resource-based view of the firm[J].Strategic Management Journal,1984,(5):171-180.
[26]曹红军,卢长宝,王以华.资源异质性如何影响企业绩效:资源管理能力调节效应的检验和分析[J].南开管理评论,2011,20(4):25-31.
[27]Barney J B,Wright M.Ketchen D J.The resource based view of the firm:Ten years after 1991[J].Journal of Management,2001,27(6):625-643.
[28]Elsenhardt K M,Martin J A.Dynamic capabilities:What are they[J].Strategic Management Journal,2000,21(10111):1105-1121.
[29]Chatterjee S.Wererfelt B.The link between resources and type of diversification:Theory and evidence[J].Strategic Management Journal,1991,12(1):33-48.
[30]Neffke F.Henning M.Skill relatedness and firm diversification[J].Strategic Management Journal,2013.34(3):297-316.
[31]陈岩,蒋亦伟,王锐.产品多元化战略、企业资源异质性与国际化绩效:中国2008—2011年制造业上市公司的经验检验[J].管理评论,2014,26(12):131—141.
[32]Vorhies H.The capabilities and performance advantage of market-driven firms:An empirical investigation[J].Australian Journal of Management,2000,(25):145-172.
[33]Krasnikov A.Jayachandran S,The relative impact of marketing,research-and-development and operations capabilities on firm performance[J].Journal of Marketing.2008,72(4):1-11.
[34]Kotler P,Keller K L.营销管理(第12版)[M].上海:上海人民出版社,2006.
[35]魏江.知识学习与企业技术能力增长[M].北京:科学出版社,2006.
[36]孙林杰,康荣,王静静.开放式创新视域下民营企业技术能力的发展演进[J].科学学研究.34(2):253-259.
[37]Waddock S A,Graves S B.The corporate social performance-financial performance link[J].Strategic Management Journal,1997,18(4):303-319.
[38]Palepu K.Diversification strategy,profit performance and the entropy measure[J].Strategic Management Journal,1985,6(3):239-255.
[39]Yang Y,Driffield N.Multinationality-Performance Relationship[J].Management International Review,2012,52(1):23-47.
[2]Prahalad C K,Hamel G.The core competence of the corporation[J].Harvard Business Review,1990,68(3):79-91.
[3]Purkayastha S,Manolova T S,Edelman L F.Diversification and performance in developed and emerging market contexts:A review of the literature[J].International Journal of Management Reviews,2012,14(1):18-38.
[4]彭程,刘星.代理冲突下企业多元化投资行为的实物期权分析[J].中国管理科学,2006,16(5):82-86.
[5]Fernhaber S A.Patel P C.How do young firms manage product portfolio complexity?The role of absorptive capacity and ambidexterity[J].Strategic Management Journal,2012(33):1516-1539.
[6]曾鸣.略胜一筹:中国企业持续发展的出路[M].北京:机械工业出版社.2006.
[7]Su W.Tsang W K.Product diversification and financial performance:The moderating role of secondary stakeholders[J].Academy of Management Journal.2015,4;1128-1148.
[8]Palich L E,Cardinal L B,Miller C C.Curvilinearity in the diversification-performance linkage:An examination of over three decades of research[J].Strategic Management Journal,2000,21(2):155-174.
[9]何郁冰,佳敏.企业多元化战略的内部关联及其对绩效的影响——来自中国制造业上市公司的经验证据[J].科学学研究,2015,33(11):1715-1726.
[10]李桂华,黄磊,卢宏亮,代工专用性投资、竞争优先权与自有品牌战略[J],南开管理评论,2013,16(6):28-37.
[11]Chakrabarti A,Singh K,Mahmood I.Diversification and performance:Evidence from East Asian firms[J].Strategic Management Journal,2007,28(2).101-120.
[12]Wan W P.Hoskisson R E,Short J C.et al.Resourcebased theory and corporate diversification:Accomplishments and opportunities[J].Journal of Management,2011,37(5):1335-1368.
[13]Rothaermel F T.Strategic management(2ed)[M].McGraw-Hill/Irwin,2014.
[14]Gort M.Diversification and integration in American industry[J].Princeton N J:Princeton universict Press,1962.
[15]Rumelt R P.Strategy,structure,and economic performance[J].Cambridge,MA:Harvard University Press,1974.
[16]傅继波,杨朝军.上市公司多元化经营与公司价值研究[J].中国地质大学学报(社会科学版).2005,5(4):36-40.
[17]姚铮,马超群,杨智.新产品开发网络资源与技术资源匹配关系[J].中国管理科学,2006,24(4):148-158.
[18]Benito-Osorio D,Guerras-Martin L A,Zuniga-Vicente J A.Four decades of research on product diversification:A literature review[J].Management Decision,2012,50(2):325-344.
[19]Bausch A,Krist M.The Effect of context-related moderators on the internationalization-performance relationship:Evidence from meta-analysis[J].Management International Review,2007,47(3):319-347.
[20]Stephan M.Diversification profiles of multinational corporations:An empirical investigation of geographical diversification,product diversification and technological diversification[C]//Proceedings of the 28th EIBA Conference,Athens,Greece,2002,
[21]陈立敏,王小瑕.国际化战略是否有助于企业提高绩效——基于Meta回归技术的多重误设定偏倚分析[J].中国工业经济,2014,(11):138—143.
[22]杨丽丽,江心英,赵进.国际化与企业绩效的关系——以江苏制造业企业为例[J].科技管理研究.2011,31(1):116-122.
[23]Singh D A.Gaur A S.Schmid F P.Corporate diversification,TMT experience,and performance:Evidence from German SMEs[J].Management International Review,2010,50(1):35-56.
[24]Barney J B.Firm resources and sustained competitive advantage[J].Journal of Management,1991,17(1);99-120.
[25]Wernerfelt B.A resource-based view of the firm[J].Strategic Management Journal,1984,(5):171-180.
[26]曹红军,卢长宝,王以华.资源异质性如何影响企业绩效:资源管理能力调节效应的检验和分析[J].南开管理评论,2011,20(4):25-31.
[27]Barney J B,Wright M.Ketchen D J.The resource based view of the firm:Ten years after 1991[J].Journal of Management,2001,27(6):625-643.
[28]Elsenhardt K M,Martin J A.Dynamic capabilities:What are they[J].Strategic Management Journal,2000,21(10111):1105-1121.
[29]Chatterjee S.Wererfelt B.The link between resources and type of diversification:Theory and evidence[J].Strategic Management Journal,1991,12(1):33-48.
[30]Neffke F.Henning M.Skill relatedness and firm diversification[J].Strategic Management Journal,2013.34(3):297-316.
[31]陈岩,蒋亦伟,王锐.产品多元化战略、企业资源异质性与国际化绩效:中国2008—2011年制造业上市公司的经验检验[J].管理评论,2014,26(12):131—141.
[32]Vorhies H.The capabilities and performance advantage of market-driven firms:An empirical investigation[J].Australian Journal of Management,2000,(25):145-172.
[33]Krasnikov A.Jayachandran S,The relative impact of marketing,research-and-development and operations capabilities on firm performance[J].Journal of Marketing.2008,72(4):1-11.
[34]Kotler P,Keller K L.营销管理(第12版)[M].上海:上海人民出版社,2006.
[35]魏江.知识学习与企业技术能力增长[M].北京:科学出版社,2006.
[36]孙林杰,康荣,王静静.开放式创新视域下民营企业技术能力的发展演进[J].科学学研究.34(2):253-259.
[37]Waddock S A,Graves S B.The corporate social performance-financial performance link[J].Strategic Management Journal,1997,18(4):303-319.
[38]Palepu K.Diversification strategy,profit performance and the entropy measure[J].Strategic Management Journal,1985,6(3):239-255.
[39]Yang Y,Driffield N.Multinationality-Performance Relationship[J].Management International Review,2012,52(1):23-47.