GVC嵌入、无形资产要素与装备制造企业价值创造效率
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摘要
将GVC因素引入企业价值创造体系中,基于效率视角揭示无形资产对企业价值创造的影响机理,以及GVC对该影响的调节机理,构建机理框架模型并提出研究假设。基于效率视角,选择无形资产对企业价值创造影响的评价方法并构建相应测度模型。基于中国装备制造企业数据进行实证研究,测度各无形资产要素对企业价值创造的影响方向和影响强度,以及GVC对无形资产影响的调节作用。最后,提出GVC下提升中国企业价值创造效率的策略建议。结果发现:品牌资产、知识产权、技术创新、产品功能和人力资源质量对企业价值创造均具有正向影响,而人力资源数量和有形资产则具有负向影响;GVC因素对企业价值创造具有正向影响,但影响强度不大;GVC对无形资本对企业价值创造效率的影响具有正向调节作用;通过嵌入GVC、重视企业品牌建设、加强企业技术创新和知识产权积累、提升企业人力资源质量等策略,可以有效提升企业价值创造效率。
This paper introduces GVC factor into the enterprise value creation system, reveals both the influence mechanism of intangible assets of enterprise on value creation and the regulation mechanism of GVC on intangible assets factors.Then, this paper puts forward the research hypotheses and constructs the mechanism framework model.On these bases, this paper selects evaluation method and constructs measure model of the influence on the enterprise value creation of intangible assets from the perspective of efficiency.Based on Chinese equipment manufacturing enterprises, this paper conducts an empirical research for revealing both the influence on the enterprise value creation of intangible assets and the regulation mechanism of GVC on intangible assets factors.At last, this paper puts forward some suggestions to enhance the efficiency of enterprise value creation of China under GVC.This paper found that: brand equity, intellectual property, technology innovation, product function and quality of human resources has a positive effect on the enterprise value creation, and the number of human resources and tangible assets has a negative effect; GVC factor has a positive impact on the enterprise value creation, but its impact strength is small; the GVC has a positive regulating effect on the impact of intangible capital on the efficiency of enterprise value creation.The following strategies can effectively enhance the efficiency of enterprise value creation, such as "embedded GVC system", "pay attention to the construction of enterprise brand", "strengthen the enterprise technology innovation and intellectual property accumulation" and "promoting enterprise human resources quality".
This paper introduces GVC factor into the enterprise value creation system, reveals both the influence mechanism of intangible assets of enterprise on value creation and the regulation mechanism of GVC on intangible assets factors.Then, this paper puts forward the research hypotheses and constructs the mechanism framework model.On these bases, this paper selects evaluation method and constructs measure model of the influence on the enterprise value creation of intangible assets from the perspective of efficiency.Based on Chinese equipment manufacturing enterprises, this paper conducts an empirical research for revealing both the influence on the enterprise value creation of intangible assets and the regulation mechanism of GVC on intangible assets factors.At last, this paper puts forward some suggestions to enhance the efficiency of enterprise value creation of China under GVC.This paper found that: brand equity, intellectual property, technology innovation, product function and quality of human resources has a positive effect on the enterprise value creation, and the number of human resources and tangible assets has a negative effect; GVC factor has a positive impact on the enterprise value creation, but its impact strength is small; the GVC has a positive regulating effect on the impact of intangible capital on the efficiency of enterprise value creation.The following strategies can effectively enhance the efficiency of enterprise value creation, such as "embedded GVC system", "pay attention to the construction of enterprise brand", "strengthen the enterprise technology innovation and intellectual property accumulation" and "promoting enterprise human resources quality".
引文
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[11] 徐宁,徐鹏,吴创.技术创新动态能力建构及其价值创造效应——来自中小上市公司的经验证据[J].科学学与科学技术管理,2014,35(8):125-134.
[12] 黄嘉涛.移动互联网环境下跨界营销对价值创造的影响[J].管理学报,2017,14(7):1052-1061.
[13] 王清刚,徐欣宇.企业社会责任的价值创造机理及实证检验——基于利益相关者理论和生命周期理论[J].中国软科学,2016(2):179-192.
[14] 阮素梅,丁忠明,刘银国,等.股权制衡与公司价值创造能力“倒U型”假说检验——基于面板数据模型的实证[J].中国管理科学,2014,22(2):119-128.
[15] G GORTON,F A SCHMID.Universal banking and the performance of German firms[J].Journal of Financial Economics,2000,58(1):29-80.
[16] 池国华,杨金.高质量内部控制能够改善公司价值创造效果吗[J].财经问题研究,2013(8):94-101.
[17] 樊会文.云计算的价值创造及其机理[J].中国科学院院刊,2015,30(2):162-169.
[18] R MAKADOK.Toward a synthesis of the resource-based and dynamic-capability views of rent creation[J].Strategic Management Journal,2001,22(5):387-401.
[19] 梅姝娥,许军.合作型企业间电子商务模式与价值创造研究[J].管理科学学报,2013,16(5):55-68,94.
[20] 罗珉,李亮宇.互联网时代的商业模式创新:价值创造视角[J].中国工业经济,2015(1):95-107.
[21] 盛亚,徐璇,何东平.电子商务环境下零售企业商业模式:基于价值创造逻辑[J].科研管理,2015,36(10):122-129.
[22] 金帆.价值生态系统:云经济时代的价值创造机制[J].中国工业经济,2014,(4):97-109.
[23] 孙艳霞.基于不同视角的企业价值创造研究综述[J].南开经济研究,2012,(1):145-153.
[24] 王晨,茅宁.以无形资产为核心的价值创造系统[J].科学学研究,2004,22(4):405-410.
[25] 范莉莉,马军.基于无形资产组合系统的企业核心竞争力评价方法[J].管理科学,2009,22(2):49-56.
[26] E BRYNJOLFSSON,L M HITT,S YANG.Intangible assets:how the interaction of computers and organizational structure affects stock market valuations[C].International Conference on Information Systems ,1998 ,65 (1) :8-29.
[27] E R MCGRATTAN,E C PRESCOTT.Taxes,regulations,and the value of U.S.and U.K.corporations[J].Reviews of Economic Studies,2005,72(3):767-796.
[28] L NAKAMURA.Intangibles:what put the new in the new economy[R].Federal Reserve Bank of Philadelphia Business Review,1999.
[29] M G MARRANO,J HASKEL,G WALLIS.What happened to the knowledge economy?ICT,intangible investment and Britain′s productivity record revisited[J].Review of Income & Wealth,2009,55(3):686-716.
[30] E R MC GRATTAN,E C PRESCOTT.Taxes,regulations,and the value of U.S.and U.K.corporations[J].Review of Economic Studies,2010,72(3):767-796.
[31] 綦良群,蔡渊渊,王成东.全球价值链的价值位势、嵌入强度与中国装备制造业研发效率[J].研究与发展管理,2017,29(6):26-37.
[32] HU J,YANG C,CHEN C.R&D efficiency and the national innovation system:an international comparison using the distance function approach[J].Bulletin of Economic Research,2014,66(1):55-71.
[33] THOMAS V J,SHARMA S,JAIN S K.Using patents and publications to assess R&D efficiency in the States of the USA[J].World Patent Information,2011,33(1):4-10.
[34] 唐杰,周勇涛.企业知识产权战略实施绩效评价研究[J].情报杂志,2009,29(7):55-60.
[35] 徐建中,曲小瑜.装备制造业环境技术创新效率及其影响因素研究——基于DEA-Malmquist和Tobit的实证分析 [J].运筹与管理,2015,24(1):246-254.
[36] 吕越,罗伟,刘斌.异质性企业与全球价值链嵌入:基于效率和融资的视角[J].世界经济,2015,(8):29-55.
[37] BENEDETTO J.Implications and interpretations of value-added trade balances[J].Journal of International Commerce and Economics,2012,4(2):39-55.
[38] 张立军,陶璐.多指标综合评价模型鲁棒性度量方法研究[J].统计与信息论坛,2011,26(5):16-20.
[39] 宋在科,程晓东.研发支出、有形资产与企业价值关系的实证研究——基于中国创业板上市公司[J].呼伦贝尔学院学报,2015,23(6):49-53.
[2] 王化成,曾雪云.专业化企业集团的内部资本市场与价值创造效应——基于中国三峡集团的案例研究[J].管理世界,2012(12):155-168,185.
[3] C A BROWN,C R MCNEIL.Internal capital market subsidies and industry downturns[J].Accounting & Finance,2014,48(3):337-361.
[4] 肖静华,汪鸿昌,谢康,等.信息共享视角下供应链信息系统价值创造机制[J].系统工程理论与实践,2014,34(11):2862-2871.
[5] J H JUNG,C SCHNEIDER,J VALACICH.Enhancing the motivational affordance of information systems:the effects of real-time performance feedback and goal setting in group collaboration environment[J].Management Science,2010,56 (4):724-742.
[6] 张平,郭冠清.社会主义劳动力再生产及劳动价值创造与分享——理论、证据与政策[J].经济研究,2016(8):17-27,85.
[7] 李蕾,韩立岩.价值投资还是价值创造?——基于境内外机构投资者比较的经验研究[J].经济学(季刊),2013,13(1):351-372.
[8] R L PRIEM.A consumer perspective on value creation[J].Academy of Management Review,2007,32 (1):219-235.
[9] V CHALEE,R YACINE.Value creation:the future of knowledge management[J].The Knowledge Engineering Review,2008,23(3):283-294.
[10] 范秀成,杜琰琰.顾客参与是一把“双刃剑”——顾客参与影响价值创造的研究述评[J].管理评论,2012,24(12):64-71.
[11] 徐宁,徐鹏,吴创.技术创新动态能力建构及其价值创造效应——来自中小上市公司的经验证据[J].科学学与科学技术管理,2014,35(8):125-134.
[12] 黄嘉涛.移动互联网环境下跨界营销对价值创造的影响[J].管理学报,2017,14(7):1052-1061.
[13] 王清刚,徐欣宇.企业社会责任的价值创造机理及实证检验——基于利益相关者理论和生命周期理论[J].中国软科学,2016(2):179-192.
[14] 阮素梅,丁忠明,刘银国,等.股权制衡与公司价值创造能力“倒U型”假说检验——基于面板数据模型的实证[J].中国管理科学,2014,22(2):119-128.
[15] G GORTON,F A SCHMID.Universal banking and the performance of German firms[J].Journal of Financial Economics,2000,58(1):29-80.
[16] 池国华,杨金.高质量内部控制能够改善公司价值创造效果吗[J].财经问题研究,2013(8):94-101.
[17] 樊会文.云计算的价值创造及其机理[J].中国科学院院刊,2015,30(2):162-169.
[18] R MAKADOK.Toward a synthesis of the resource-based and dynamic-capability views of rent creation[J].Strategic Management Journal,2001,22(5):387-401.
[19] 梅姝娥,许军.合作型企业间电子商务模式与价值创造研究[J].管理科学学报,2013,16(5):55-68,94.
[20] 罗珉,李亮宇.互联网时代的商业模式创新:价值创造视角[J].中国工业经济,2015(1):95-107.
[21] 盛亚,徐璇,何东平.电子商务环境下零售企业商业模式:基于价值创造逻辑[J].科研管理,2015,36(10):122-129.
[22] 金帆.价值生态系统:云经济时代的价值创造机制[J].中国工业经济,2014,(4):97-109.
[23] 孙艳霞.基于不同视角的企业价值创造研究综述[J].南开经济研究,2012,(1):145-153.
[24] 王晨,茅宁.以无形资产为核心的价值创造系统[J].科学学研究,2004,22(4):405-410.
[25] 范莉莉,马军.基于无形资产组合系统的企业核心竞争力评价方法[J].管理科学,2009,22(2):49-56.
[26] E BRYNJOLFSSON,L M HITT,S YANG.Intangible assets:how the interaction of computers and organizational structure affects stock market valuations[C].International Conference on Information Systems ,1998 ,65 (1) :8-29.
[27] E R MCGRATTAN,E C PRESCOTT.Taxes,regulations,and the value of U.S.and U.K.corporations[J].Reviews of Economic Studies,2005,72(3):767-796.
[28] L NAKAMURA.Intangibles:what put the new in the new economy[R].Federal Reserve Bank of Philadelphia Business Review,1999.
[29] M G MARRANO,J HASKEL,G WALLIS.What happened to the knowledge economy?ICT,intangible investment and Britain′s productivity record revisited[J].Review of Income & Wealth,2009,55(3):686-716.
[30] E R MC GRATTAN,E C PRESCOTT.Taxes,regulations,and the value of U.S.and U.K.corporations[J].Review of Economic Studies,2010,72(3):767-796.
[31] 綦良群,蔡渊渊,王成东.全球价值链的价值位势、嵌入强度与中国装备制造业研发效率[J].研究与发展管理,2017,29(6):26-37.
[32] HU J,YANG C,CHEN C.R&D efficiency and the national innovation system:an international comparison using the distance function approach[J].Bulletin of Economic Research,2014,66(1):55-71.
[33] THOMAS V J,SHARMA S,JAIN S K.Using patents and publications to assess R&D efficiency in the States of the USA[J].World Patent Information,2011,33(1):4-10.
[34] 唐杰,周勇涛.企业知识产权战略实施绩效评价研究[J].情报杂志,2009,29(7):55-60.
[35] 徐建中,曲小瑜.装备制造业环境技术创新效率及其影响因素研究——基于DEA-Malmquist和Tobit的实证分析 [J].运筹与管理,2015,24(1):246-254.
[36] 吕越,罗伟,刘斌.异质性企业与全球价值链嵌入:基于效率和融资的视角[J].世界经济,2015,(8):29-55.
[37] BENEDETTO J.Implications and interpretations of value-added trade balances[J].Journal of International Commerce and Economics,2012,4(2):39-55.
[38] 张立军,陶璐.多指标综合评价模型鲁棒性度量方法研究[J].统计与信息论坛,2011,26(5):16-20.
[39] 宋在科,程晓东.研发支出、有形资产与企业价值关系的实证研究——基于中国创业板上市公司[J].呼伦贝尔学院学报,2015,23(6):49-53.