多点接触、市场进入与企业绩效间关系的实证研究
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摘要
本文试图以探讨多点接触、市场进入和企业绩效三者间的关系作为切入点,达到为企业在动态的竞争环境下如何采取理性有效的竞争战略提出相关建议的目的.通过利用回归分析以及稳健性检验对所提出的假设进行了验证,其结果表明:多点接触与市场进入行为间呈倒U型关系;市场进入行为对多点接触与企业绩效两者间的关系有着遮掩效应.具体表现为多点接触对企业绩效产生的正向直接效应大于其通过市场进入对企业绩效产生的负向间接效应;CEO政治背景对多点接触与市场进入行为间的关系有负向调节作用.因此基于以上分析结果,本文认为企业主动增加与竞争对手间存在的多点接触程度可以视为一种重要的非市场战略.
This paper attempts to discuss the relationship between multimarket contact, market entry and firm performance as a starting point to provide suggestions for firms how to adopt rational and effective competitive strategy in the dynamic competitive environment. The proposed hypotheses were verified by regression analysis and robustness test. The results show that: firstly, multimarket contact has an inverted U-shape influence on market entry; secondly, market entry has a shadowing effect on the relationship between multimarket contact and firm performance. That is, the positive direct effect of multimarket contact on firm performance is greater than the negative indirect effect multimarket contact on firm performance through market entry; and then the political background of CEO has a negative moderating influence on the relationship between multimarket contact and market entry. Therefore, based on the above analysis results, this paper argues that the firm takes the initiative to increase the degree of multimarket contact with competitors can be regarded as an important non-market strategy.
This paper attempts to discuss the relationship between multimarket contact, market entry and firm performance as a starting point to provide suggestions for firms how to adopt rational and effective competitive strategy in the dynamic competitive environment. The proposed hypotheses were verified by regression analysis and robustness test. The results show that: firstly, multimarket contact has an inverted U-shape influence on market entry; secondly, market entry has a shadowing effect on the relationship between multimarket contact and firm performance. That is, the positive direct effect of multimarket contact on firm performance is greater than the negative indirect effect multimarket contact on firm performance through market entry; and then the political background of CEO has a negative moderating influence on the relationship between multimarket contact and market entry. Therefore, based on the above analysis results, this paper argues that the firm takes the initiative to increase the degree of multimarket contact with competitors can be regarded as an important non-market strategy.
引文
[1]Yu T,Cannella A A.A comprehensive review of multimarket competition research[J].Journal of Management,2013,39(1):76-109.
[2]Jayachandran S,Gimeno J,Varadarajan P R.The theory of multimarket competition:A synthesis and implications for marketing strategy[J].Journal of Marketing,1999,63:49-66.
[3]程聪,谢洪明,杨英楠,等.理性还是情感:动态竞争中企业“攻击-回应”竞争行为的身份域效应——基于AMC模型的视角[J].管理世界,2015(8):132-146.Cheng C,Xie H M,Yang Y N,et al.Is it reason or feeling?The effect of the status area of the competitive behavior of"the attack-the reacting"in the enterprises in the dynamic competition[J].Management World,2015(8):132-146.
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[5]Gimeno J,Woo C Y.Multimarket contact,economies of scope,and firm performance[J].Academy of Management Journal,1999,42(3):239-259.
[6]Coccorese P,Pellecchia A.Multimarket contact and profitability in banking:Evidence from Italy[J].Journal of Financial Services Research,2013,35(3):245-271.
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[8]Gimeno J.Reciprocal threats in multimarket rivalry:Staking out'spheres of influence'in the U.S.airline industry[J].Strategic Management Journal,1999,20:101-128.
[9]Fuentelsaz L,Gómez J.Multipoint competition,strategic similarity and entry into geographic markets[J].Strategic Management Journal,2006,27:477-499.
[10]黄新建,王婷.政治关联、制度环境差异与企业贷款续新——基于中国上市公司的实证研究[J].系统工程理论与实践,2012,32(6):1184-1192.Huang X J,Wang T.Political connections,institutional environments and loan renewals—The evidences from the privately listed enterprises[J].Systems Engineering—Theory Practice,2012,32(6):1184-1192.
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[12]田志龙,邓新明,Taieb Hafsi.企业市场行为、非市场行为与竞争互动——基于中国家电行业的案例研究[J].管理世界,2007(8):116-128.Tian Z L,Deng X M,Taieb Hafsi.Market actions,nonmarket actions and competitive interaction:A case study based on China's home appliance industry[J].Management World,2007(8):116-128.
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[14]邓新明.企业竞争行为的回应预测研究[J].南开管理评论,2010,13(2):136-138.Deng X M.The research on the prediction of firm's competitive response[J].Nankai Business Review,2010,13(2):136-138.
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[16]章伟果,扈文秀,安芮瑶,等.动态竞争并购下的竞价策略选择和进入时机确定[J].系统工程理论与实践,2014,34(5):1110-1121.Zhang W G,Hu W X,An R Y,et al.Bidding strategies and entry timing in the dynamic competitive mergers and acquisitions[J].Systems Engineering—Theory Practice,2014,34(5):1110-1121.
[17]Stephan J,Boeker W.Getting to multimarket competition:How multimarket contact affects firms'market entry decisions[J].Multiunit Organization and Multimarket Strategy,2001,18:229-261.
[18]袁斌.动态竞争的战略主题及核心能力的提升路径[J].中国管理科学,2004(2):113-118.Yuan B.The strategic topic of dynamic competition and the approach to upgrade core-competence[J].Chinese Journal of Management Science,2004(2):113-118.
[19]Kang W,Bayus B L,Balasubramanian S.The strategic effects of multimarket contact:Mutual forbearance and competitive response in the personal computer industry[J].Journal of Marketing Research,2010,47(3):415-427.
[20]孙维峰,孙华平.国际多元化、代理成本与资本结构——来自中国上市公司的经验证据[J].系统工程理论与实践,2014,34(10):2556-2564.Sun W F,Sun H P.International diversification,agency cost and capital structure:Empirical evidence from Chinese listing corporations[J].Systems Engineering—Theory Practice,2014,34(10):2556-2564.
[21]杨东进,邓吉.房地产业的政治关联、多元化与企业绩效关系研究——基于上市公司的实证分析[J].软科学,2013,27(11):17-21.Yang D J,Deng J.Political connection,diversification and corporate performance of the real estate companies in China[J].Soft Science,2013,27(11):17-21.
[22]Li Y,Li J,Cai Z.The timing of market entry and firm performance:A perspective of institutional theory[J].Industrial Marketing Management,2014,43(5):754-759.
[23]Stephan J,Murmann J P,Boeker W,et al.Bringing managers into theories of multimarket competition:CEOs and the determinants of market entry[J].Organization Science,2003,14(4):403-421.
[24]李卫宁,张祎宁.新任CEO特征、管理团队调整与企业绩效一一基于ST上市公司的数据实证[J].中国管理科学,2014,22(8):47-55.Li W N,Zhang Y N.Relationship among new CEO's characteristics,TMT adjustment and performanceEmpirical study based on ST listed enterprises[J].Chinese Journal of Management Science,2014,22(8):47-55.
[25]田国强.一个关于转型经济中最优所有权安排的理论[J].经济学,2001,1(1):45-70.Tian G Q.A theory of ownership arrangements and smooth transition to a free market economy[J].China Economic Quarterly,2001,1(1):45-70.[2s]邓建平,曾勇.政治关联能改善民营企业的经营绩效吗[J].中国工业经济,2009,2(2):98-108.Deng J P,Zeng Y.Can political connection improve the performance of private enterprises[J].China Industrial Economics,2009,2(2):98-108.
[27]Hughes K,Oughton C.Diversification,multimarket contact and profitability[J].Economica,1993,60(238):203-224.
[28]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.Wen Z L,Ye B J.Analyses of mediating effects:The development of methods and models[J].Advances in Psychological Science,2014,22(5):731-745.
[29]Chakrabarti A,Singh K,Mahmood I.Diversification and performance:Evidence from East Asian firms[J].Strategic Management Journal,2007,28(2):101-120.
[30]游家兴,邹雨菲.社会资本、多元化战略与公司业绩——基于企业家嵌入性网络的分析视角[J].南开管理评论,2014,17(5):91-101.You J X,Zou Y F.Social capital,diversification strategy and firm performance:Based on the perspective of the entrepreneur's embedded network[J].Nankai Business Review,2014,17(5):91-101.
[2]Jayachandran S,Gimeno J,Varadarajan P R.The theory of multimarket competition:A synthesis and implications for marketing strategy[J].Journal of Marketing,1999,63:49-66.
[3]程聪,谢洪明,杨英楠,等.理性还是情感:动态竞争中企业“攻击-回应”竞争行为的身份域效应——基于AMC模型的视角[J].管理世界,2015(8):132-146.Cheng C,Xie H M,Yang Y N,et al.Is it reason or feeling?The effect of the status area of the competitive behavior of"the attack-the reacting"in the enterprises in the dynamic competition[J].Management World,2015(8):132-146.
[4]Baum J A C,Korn H J.Dynamics of dyadic competitive interaction[J].Strategic Management Journal,1999,20(3):251-278.
[5]Gimeno J,Woo C Y.Multimarket contact,economies of scope,and firm performance[J].Academy of Management Journal,1999,42(3):239-259.
[6]Coccorese P,Pellecchia A.Multimarket contact and profitability in banking:Evidence from Italy[J].Journal of Financial Services Research,2013,35(3):245-271.
[7]Feinberg R M.Multimarket contact and economic performance[J].Journal of Economic Analysis and Policy,2015,64(2):368-375.
[8]Gimeno J.Reciprocal threats in multimarket rivalry:Staking out'spheres of influence'in the U.S.airline industry[J].Strategic Management Journal,1999,20:101-128.
[9]Fuentelsaz L,Gómez J.Multipoint competition,strategic similarity and entry into geographic markets[J].Strategic Management Journal,2006,27:477-499.
[10]黄新建,王婷.政治关联、制度环境差异与企业贷款续新——基于中国上市公司的实证研究[J].系统工程理论与实践,2012,32(6):1184-1192.Huang X J,Wang T.Political connections,institutional environments and loan renewals—The evidences from the privately listed enterprises[J].Systems Engineering—Theory Practice,2012,32(6):1184-1192.
[11]邓新明.我国民营企业政治关联、多元化战略与公司绩效[J].南开管理评论,2011,14(4):4-15.Deng X M.Chinese private enterprises'political connection,diversification strategy,and corporate performance[J].Nankai Business Review,2011,14(4):4-15.
[12]田志龙,邓新明,Taieb Hafsi.企业市场行为、非市场行为与竞争互动——基于中国家电行业的案例研究[J].管理世界,2007(8):116-128.Tian Z L,Deng X M,Taieb Hafsi.Market actions,nonmarket actions and competitive interaction:A case study based on China's home appliance industry[J].Management World,2007(8):116-128.
[13]卫武.企业非市场与市场行为及其竞争特点对企业绩效的影响研究[J].南开管理评论,2009,12(2):37-51.Wei W.The influence of nonmarket and market actions,and their competitive characteristics on firm performance[J].Nankai Business Review,2009,12(2):37-51.
[14]邓新明.企业竞争行为的回应预测研究[J].南开管理评论,2010,13(2):136-138.Deng X M.The research on the prediction of firm's competitive response[J].Nankai Business Review,2010,13(2):136-138.
[15]樊帅,田志龙.转型经济时期中国企业市场与非市场行为研究[J].商业经济与管理,2008,195(1):38-44.Fan S,Tian Z L.The research of corporation's market and non-market actions under economic transition in China[J].Journal of Business Economics,2008,195(1):38-44.
[16]章伟果,扈文秀,安芮瑶,等.动态竞争并购下的竞价策略选择和进入时机确定[J].系统工程理论与实践,2014,34(5):1110-1121.Zhang W G,Hu W X,An R Y,et al.Bidding strategies and entry timing in the dynamic competitive mergers and acquisitions[J].Systems Engineering—Theory Practice,2014,34(5):1110-1121.
[17]Stephan J,Boeker W.Getting to multimarket competition:How multimarket contact affects firms'market entry decisions[J].Multiunit Organization and Multimarket Strategy,2001,18:229-261.
[18]袁斌.动态竞争的战略主题及核心能力的提升路径[J].中国管理科学,2004(2):113-118.Yuan B.The strategic topic of dynamic competition and the approach to upgrade core-competence[J].Chinese Journal of Management Science,2004(2):113-118.
[19]Kang W,Bayus B L,Balasubramanian S.The strategic effects of multimarket contact:Mutual forbearance and competitive response in the personal computer industry[J].Journal of Marketing Research,2010,47(3):415-427.
[20]孙维峰,孙华平.国际多元化、代理成本与资本结构——来自中国上市公司的经验证据[J].系统工程理论与实践,2014,34(10):2556-2564.Sun W F,Sun H P.International diversification,agency cost and capital structure:Empirical evidence from Chinese listing corporations[J].Systems Engineering—Theory Practice,2014,34(10):2556-2564.
[21]杨东进,邓吉.房地产业的政治关联、多元化与企业绩效关系研究——基于上市公司的实证分析[J].软科学,2013,27(11):17-21.Yang D J,Deng J.Political connection,diversification and corporate performance of the real estate companies in China[J].Soft Science,2013,27(11):17-21.
[22]Li Y,Li J,Cai Z.The timing of market entry and firm performance:A perspective of institutional theory[J].Industrial Marketing Management,2014,43(5):754-759.
[23]Stephan J,Murmann J P,Boeker W,et al.Bringing managers into theories of multimarket competition:CEOs and the determinants of market entry[J].Organization Science,2003,14(4):403-421.
[24]李卫宁,张祎宁.新任CEO特征、管理团队调整与企业绩效一一基于ST上市公司的数据实证[J].中国管理科学,2014,22(8):47-55.Li W N,Zhang Y N.Relationship among new CEO's characteristics,TMT adjustment and performanceEmpirical study based on ST listed enterprises[J].Chinese Journal of Management Science,2014,22(8):47-55.
[25]田国强.一个关于转型经济中最优所有权安排的理论[J].经济学,2001,1(1):45-70.Tian G Q.A theory of ownership arrangements and smooth transition to a free market economy[J].China Economic Quarterly,2001,1(1):45-70.[2s]邓建平,曾勇.政治关联能改善民营企业的经营绩效吗[J].中国工业经济,2009,2(2):98-108.Deng J P,Zeng Y.Can political connection improve the performance of private enterprises[J].China Industrial Economics,2009,2(2):98-108.
[27]Hughes K,Oughton C.Diversification,multimarket contact and profitability[J].Economica,1993,60(238):203-224.
[28]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.Wen Z L,Ye B J.Analyses of mediating effects:The development of methods and models[J].Advances in Psychological Science,2014,22(5):731-745.
[29]Chakrabarti A,Singh K,Mahmood I.Diversification and performance:Evidence from East Asian firms[J].Strategic Management Journal,2007,28(2):101-120.
[30]游家兴,邹雨菲.社会资本、多元化战略与公司业绩——基于企业家嵌入性网络的分析视角[J].南开管理评论,2014,17(5):91-101.You J X,Zou Y F.Social capital,diversification strategy and firm performance:Based on the perspective of the entrepreneur's embedded network[J].Nankai Business Review,2014,17(5):91-101.