多元化、归核化与公司绩效的关联性研究：动态一致性观点
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摘要
在动态变化的竞争环境下,企业选择业务经营的范围和种类并不是一成不变的,而是随着外部环境、产业竞争环境和自身资源条件变化而不断变化的。任何一个企业将面临三种选择：多元化、归核化与保持不变,在企业发展过程中表现为从专业化到多元化、再从多元化到归核化的交替循环变化的动态过程。同时,企业业务选择的变化也将影响企业环境和资源,可能强化或减弱企业核心能力,多元化与归核化战略转换是形成企业核心能力的重要因素。以前多数研究是分别研究多元化或归核化战略选择及其价值效应,出现“多元化折价悖论”和“归核化溢价困惑”并存的现象,这种从静态的、割裂两者关联性的研究方法已经受到很多学者的质疑,而事实上这两种战略是相互关联、动态交互作用的。本文基于动态一致性的观点,从资源、能力、环境和战略的内在关联性研究多元化与归核化战略选择及公司绩效之间的关联效应。首先,对多元化和归核化研究文献进行回顾和评述,分析多元化与归核化研究背景和研究意义；其二,简述了企业动态能力理论和战略一致性观点的演进和发展情况,分析了资源、能力和动态能力的含义和区别,提出了动态一致性观点；其三,在上述分析基础之上,基于动态一致性观点,从资源、能力、环境和战略四个因素的动态一致性角度,提出了多元化与归核化动态选择模型的分析框架；然后分析了企业家精神、产业生命周期、核心资源和市场体制的完善程度四个因素对多元化与归核化战略选择的影响,研究表明多元化与归核化一致性的实质是动态能力的再造和重塑,在企业成长过程中表现为多元化与归核化交替出现的循环过程；其四,在价值最大化的前提下构建动态模型分析了多元化与归核化动态变化和内在动因,具体包括：(1)构建了多元化与归核化动态选择模型。通过模型分析验证多元化与归核化动态选择存在临界曲线,并且随着技术创新和产业竞争冲击而发生波动变化,又由于企业领导的有限理性,在动态环境下多元化与归核化必然表现出交互作用的循环波动状态；由此说明多元化或归核化是彼此关联、相互作用的,采用孤立、分割的研究方法将产生内生性偏差；(2)构建了多元化与多元化价值关系的模型。通过模型分析表明,多元化或归核化经营绩效受到战略与核心资源的匹配质量影响,当匹配质量中等时多元化优于专业化,而匹配质量最高是专业化优于多元化,当匹配质量最差是企业进行清算转型是最好的选择；其五,在上述理论和模型分析基础之上,以我国上市公司数据为研究样本,运用动态一致性观点实证检验多元化或归核化与公司绩效的关联效应。主要进行四个实证检验：(1)采用主成份统计方法计算公司成长机会和公司绩效指标,运用面板门槛模型,实证检验多元化与公司绩效的非线性区间效应；(2)构建联立方程组模型,应用三阶段最小二乘法(3SLS)检验政府关联、多元化与公司绩效间的关联效应；(3)构建联立方程组模型,检验归核化与公司绩效的关联效应；(4)以公司特质、产业环境和宏观环境的相关因素作为控制变量,将多元化与归核化纳入统一模型,以改进的超额价值衡量公司绩效水平,运用多项logit模型检验实证检验多元化与归核化选择影响因素以及动态过程；应用工具变量方法(Ⅳ),控制联立性偏差,验证多元化、归核化与公司绩效之间的关联效应。
研究表明：(1)多元化与归核化是企业两种常态化的、互为补充的经营战略,并非本质上两种不同的战略,是赢得竞争优势的同一类战略的两个工具或策略手段。(2)多元化和归核化都可能导致公司绩效的提升或降低,关键是否实现了环境-资源-战略优化匹配的状态；由于环境(技术冲击、产业竞争)的变化以及领导的有限能力导致多元化与归核化出现交替转换的波动的动态过程,表现为专业化-多元化-归核化-专业化的循环轨迹。(3)多元化与公司绩效之间不是简单的线性关系,存在显著性的门槛效应,不能简单的认为多元化折价,说明我国上市公司多元化行为具有明显的产业驱动特性,产业差距是多元化扩张主要动机和绩效差异的主要原因之一。(4)多元化与归核化战略受到企业特征、产业特征和整体环境的影响。一般来讲,企业盈利能力和成长性与多元化成反方向变化,而产业利润率和成长性与多元化成正方向变化,产业竞争性与归核化成反方向变化；公司治理显著性影响战略选择,市场化程度、GDP增长率等整体经济环境与两者战略都显著性相关。(5)多元化与归核化战略动态选择的目标不仅仅是企业绩效,而是通过业务整合获得企业未来成长机会、重塑企业核心能力,是实现企业动态核心能力的动态过程,最终目标是保持企业持续竞争优势。
In the environment of the dynamic competition, business scope and species that firm choose was not static, but are changing along with the external environment (including industrial characteristics) and its resources condition, a firm will be faced with three choices:diversifying, refocusing and remains t, in the development process the corporate may experience a cycle change dynamic process from specialization to diversifying, again from diversified to refocusing. At the same time, the firm business option will also affect the firm environment and resources, may strengthen or weaken the firm core ability,.diversifying and refocusing strategy transformation is one of the important factors that forms the firm core competence. Previously related research literature use mostly the static or isolated research method for diversification (refocusing) and their value effect, research conclusion show phenomenon of coexistence " diversification discount paradox " and " refocusing premium confusion"。These static, split strategic research method have been questioned by many scholars, in fact these two strategies are connected to each other, and dynamic interaction. Base on the view of dynamic aglinment, this paper analyse the intrinsic relationship among resources-capability-environment-strategic. First, this paper review research literature on diversification and refocusing, analysising diversity and refocusing research background and research significance; Secondly, the paper describes the evolution and development of the enterprise dynamic ability theory and the strategic alignment views, analyzeing the connotation of resource, competence and dynamic capabilities, putting forward the dynamic alignment point of view; Thirdly, based on dynamic alignment point of view, the paper presents diversity and refocusing strategy analysis frame of dynamic selection model from the dynamic alignment of resource, ability, environment and strategic perspective.And then analyzeing influence on diversification and refocusing strategy choice caused by four factor of the entrepreneurial spirit, industry life cycle, core resources and the perfect degree of the market system, the research shows that the essence of diversity and refocusing dynamic turnaround is the dynamic ability of reengineering and remodeling, in the process of enterprise growth characterized by diversity and refocusing alternating cycle. Fourthly, building dynamic model on the premise of value maximization the paper analysis the inner motivation of diversity and refocusing dynamic change, specific include:(1) diversity and refocusing dynamic selection model is constructed.research shows there is critical curve in dynamic selected process between diversifying and refocusing, and critical curve will fluctuation change as technology innovation and industry competition, and due to limited rational corporate leadership, diversitying and refocusing in dynamic environment is bound to show the interaction of cyclic fluctuation state; Thus, diversity or refocusing strategy is associated with each other, interaction, this isolation and segmentation methods will generate endogenous deviation;(2) diversifying and refocusing value model is constructed, the model analysis shows that diversity or refocusing operation performance is affected by the matching quality of strategy and core resources, diversification is superior to specialization when matching the quality of medium, specialization is superior to diversification when matching the highest quality, and liquidation transformation is the best choice when matching the worst quality is the enterprise;Fifthly, on the base of the above theory and model analysis, with the data of listed companies in our country as the research sample, the paper verify empirically diversification or refocusing strategy and corporate performance correlation effect, the content is as follows:(1) calculateing growth opportunities and corporate performance indicators using principal component analysis method,the paper verify empirically the nonlinear range effect of diversification and corporate performance using panel threshold model;(2) building a simultaneous equations model (SEM), the paper test empirically correlation effect among government intervention, diversification and corporate performance appliying of three stage least square (3SLS);(3) the paper test empirically correlation effect of the refocusing and corporate performance;(4) the company characteristics, industry environment and macro environment factors as control variables, integrateing diversifying and refocusing as an unified model, the excess value improved as company's performance level, the paper test empirically diversifying and refocusing selection influence factors and dynamic process using the multinomial logit model;, controlling simultaneous bias applying instrumental variable method, the paper test empirically correlation effect of diversifying, refocusing corporate performance.
Empirical conclusions as follows:(1) diversifying and refocusing are two normalization and complement each other's business strategy, not essentially different strategy, are the strategy of tools or strategy means winning the competitive advantage of. diversification and refocusing,(2) diversifying and refocusing all could lead to performance of increaseing or reduceing, the key is not to realize the optimization matching condition of environment-resources-strategy; Due to the environment (technology impact, industrial competition) change and leadership of the limited ability, this will lead to dynamic fluctuation process which diversifying and refocusing chang alternate conversion.(3) the relationship between diversification and corporate performance is not a simple linear, there exist significant double threshold effect, that means view of diversification discount is not always right. it is illustrated that diversified behavior in China listed companies has obvious industrial drive characteristics, industrial expansion gap is one of the main reasons for the diversified motivations and performance differences;(4) diversifying and refocusing strategy impact by enterprise characteristics, industry characteristics and the macro environment. Generally speaking, corporate profitability and growth have negative relation with diversifying, and industry profitability and growth have positive relation with diversification; industry competitive have positive relation with refocusing; Corporate governance significantly affect strategic choice, degree of marketization, the overall economic environment, such as the GDP growth rate is associated with both strategies are significant relation;(5) dynamic selection progress of diversifying and refocusing is to arm for not only firm performance, but rather grabbing future growth opportunities through business integration for enterprise, reshapeing for firm core competence, is dynamic process of the realization of dynamic core ability, the ultimate goal is to win the enterprise sustainable competitive advantage.
研究表明：(1)多元化与归核化是企业两种常态化的、互为补充的经营战略,并非本质上两种不同的战略,是赢得竞争优势的同一类战略的两个工具或策略手段。(2)多元化和归核化都可能导致公司绩效的提升或降低,关键是否实现了环境-资源-战略优化匹配的状态；由于环境(技术冲击、产业竞争)的变化以及领导的有限能力导致多元化与归核化出现交替转换的波动的动态过程,表现为专业化-多元化-归核化-专业化的循环轨迹。(3)多元化与公司绩效之间不是简单的线性关系,存在显著性的门槛效应,不能简单的认为多元化折价,说明我国上市公司多元化行为具有明显的产业驱动特性,产业差距是多元化扩张主要动机和绩效差异的主要原因之一。(4)多元化与归核化战略受到企业特征、产业特征和整体环境的影响。一般来讲,企业盈利能力和成长性与多元化成反方向变化,而产业利润率和成长性与多元化成正方向变化,产业竞争性与归核化成反方向变化；公司治理显著性影响战略选择,市场化程度、GDP增长率等整体经济环境与两者战略都显著性相关。(5)多元化与归核化战略动态选择的目标不仅仅是企业绩效,而是通过业务整合获得企业未来成长机会、重塑企业核心能力,是实现企业动态核心能力的动态过程,最终目标是保持企业持续竞争优势。
In the environment of the dynamic competition, business scope and species that firm choose was not static, but are changing along with the external environment (including industrial characteristics) and its resources condition, a firm will be faced with three choices:diversifying, refocusing and remains t, in the development process the corporate may experience a cycle change dynamic process from specialization to diversifying, again from diversified to refocusing. At the same time, the firm business option will also affect the firm environment and resources, may strengthen or weaken the firm core ability,.diversifying and refocusing strategy transformation is one of the important factors that forms the firm core competence. Previously related research literature use mostly the static or isolated research method for diversification (refocusing) and their value effect, research conclusion show phenomenon of coexistence " diversification discount paradox " and " refocusing premium confusion"。These static, split strategic research method have been questioned by many scholars, in fact these two strategies are connected to each other, and dynamic interaction. Base on the view of dynamic aglinment, this paper analyse the intrinsic relationship among resources-capability-environment-strategic. First, this paper review research literature on diversification and refocusing, analysising diversity and refocusing research background and research significance; Secondly, the paper describes the evolution and development of the enterprise dynamic ability theory and the strategic alignment views, analyzeing the connotation of resource, competence and dynamic capabilities, putting forward the dynamic alignment point of view; Thirdly, based on dynamic alignment point of view, the paper presents diversity and refocusing strategy analysis frame of dynamic selection model from the dynamic alignment of resource, ability, environment and strategic perspective.And then analyzeing influence on diversification and refocusing strategy choice caused by four factor of the entrepreneurial spirit, industry life cycle, core resources and the perfect degree of the market system, the research shows that the essence of diversity and refocusing dynamic turnaround is the dynamic ability of reengineering and remodeling, in the process of enterprise growth characterized by diversity and refocusing alternating cycle. Fourthly, building dynamic model on the premise of value maximization the paper analysis the inner motivation of diversity and refocusing dynamic change, specific include:(1) diversity and refocusing dynamic selection model is constructed.research shows there is critical curve in dynamic selected process between diversifying and refocusing, and critical curve will fluctuation change as technology innovation and industry competition, and due to limited rational corporate leadership, diversitying and refocusing in dynamic environment is bound to show the interaction of cyclic fluctuation state; Thus, diversity or refocusing strategy is associated with each other, interaction, this isolation and segmentation methods will generate endogenous deviation;(2) diversifying and refocusing value model is constructed, the model analysis shows that diversity or refocusing operation performance is affected by the matching quality of strategy and core resources, diversification is superior to specialization when matching the quality of medium, specialization is superior to diversification when matching the highest quality, and liquidation transformation is the best choice when matching the worst quality is the enterprise;Fifthly, on the base of the above theory and model analysis, with the data of listed companies in our country as the research sample, the paper verify empirically diversification or refocusing strategy and corporate performance correlation effect, the content is as follows:(1) calculateing growth opportunities and corporate performance indicators using principal component analysis method,the paper verify empirically the nonlinear range effect of diversification and corporate performance using panel threshold model;(2) building a simultaneous equations model (SEM), the paper test empirically correlation effect among government intervention, diversification and corporate performance appliying of three stage least square (3SLS);(3) the paper test empirically correlation effect of the refocusing and corporate performance;(4) the company characteristics, industry environment and macro environment factors as control variables, integrateing diversifying and refocusing as an unified model, the excess value improved as company's performance level, the paper test empirically diversifying and refocusing selection influence factors and dynamic process using the multinomial logit model;, controlling simultaneous bias applying instrumental variable method, the paper test empirically correlation effect of diversifying, refocusing corporate performance.
Empirical conclusions as follows:(1) diversifying and refocusing are two normalization and complement each other's business strategy, not essentially different strategy, are the strategy of tools or strategy means winning the competitive advantage of. diversification and refocusing,(2) diversifying and refocusing all could lead to performance of increaseing or reduceing, the key is not to realize the optimization matching condition of environment-resources-strategy; Due to the environment (technology impact, industrial competition) change and leadership of the limited ability, this will lead to dynamic fluctuation process which diversifying and refocusing chang alternate conversion.(3) the relationship between diversification and corporate performance is not a simple linear, there exist significant double threshold effect, that means view of diversification discount is not always right. it is illustrated that diversified behavior in China listed companies has obvious industrial drive characteristics, industrial expansion gap is one of the main reasons for the diversified motivations and performance differences;(4) diversifying and refocusing strategy impact by enterprise characteristics, industry characteristics and the macro environment. Generally speaking, corporate profitability and growth have negative relation with diversifying, and industry profitability and growth have positive relation with diversification; industry competitive have positive relation with refocusing; Corporate governance significantly affect strategic choice, degree of marketization, the overall economic environment, such as the GDP growth rate is associated with both strategies are significant relation;(5) dynamic selection progress of diversifying and refocusing is to arm for not only firm performance, but rather grabbing future growth opportunities through business integration for enterprise, reshapeing for firm core competence, is dynamic process of the realization of dynamic core ability, the ultimate goal is to win the enterprise sustainable competitive advantage.
引文
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