财务冗余对企业竞争战略选择的影响——基于中国制造业全行业实证数据
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摘要
财务冗余作为企业竞争战略行为的"推动者",在强化企业创新、产品推广和市场进入等方面具有重要影响。因此,利用中国制造业上市公司数据,研究财务冗余在企业竞争战略选择中产生的作用,及其在宏观经济周期的不同阶段所具有的差异。并进一步细分财务冗余资源,发掘资源具体组成部分对企业竞争战略选择所产生的作用,及其在宏观经济周期的不同阶段的差别。研究结果表明,财务冗余资源,无论是可利用冗余或是潜在冗余均对企业竞争战略选择产生影响,企业拥有较多财务冗余,更倾向于选择成本领先战略。但是可利用冗余、潜在冗余的细分资源对竞争战略选择的影响具有很大差异。在经济周期的不同阶段中,财务冗余对企业竞争战略选择的作用也发生了很大变化。
Financial slack represents a promoter for competitive strategy choice by strengthening enterprise innovation,product promotion,and new market entry.Therefore,in this paper,the promoter effect of financial slack on competitive strategy choice is explored based on the panel data of the listed manufacturing industry companies in China and the difference of the effect in different economic cycle stages is tested.Furthermore,the financial slack is divided into detailed slack resource components whose impacts on competitive strategy choice both in the whole sample period and in different economic cycle stages are observed and compared.The empirical results prove that the more financial slack(whether it is available slack or potential slack)enterprises reserve,the more possibly they will choose the cost leadership strategy.However,there appear some important changes in this effect when the financial slack is divided into detailed components.The results also indicate that this effect will get stronger during economic stagnation.
Financial slack represents a promoter for competitive strategy choice by strengthening enterprise innovation,product promotion,and new market entry.Therefore,in this paper,the promoter effect of financial slack on competitive strategy choice is explored based on the panel data of the listed manufacturing industry companies in China and the difference of the effect in different economic cycle stages is tested.Furthermore,the financial slack is divided into detailed slack resource components whose impacts on competitive strategy choice both in the whole sample period and in different economic cycle stages are observed and compared.The empirical results prove that the more financial slack(whether it is available slack or potential slack)enterprises reserve,the more possibly they will choose the cost leadership strategy.However,there appear some important changes in this effect when the financial slack is divided into detailed components.The results also indicate that this effect will get stronger during economic stagnation.
引文
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[2]Bourgeois L J.On the measurement of organizational slack[J].Academy of Management Reviews,1981,6(1):29-39.
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[9]段海艳.连锁董事、组织冗余与企业创新绩效关系研究[J].科学学研究,2012,30(4):631-640.
[10]张晓昱,朱慧明,吴宣明.动态环境调节下财务冗余结构对企业绩效的影响研究[J].软科学,2014,28(8):125-129.
[11]Liu H,Ding X H,Guo H,et al.How does slack affect product innovation in high-tech Chinese firms:The contingent value of entrepreneurial orientation[J].Asia Pacific Journal of Management,2014,31:47-68.
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[14]Alessandri T,Cerrato D,Depperu D.Organizational slack,experience,and acquisition behavior across varying economic environments[J].Management Decision,2014,52(5):967-982.
[15]Porter M E.Competitive strategy[M].New York:Free Press,1980.
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[22]巩杰,李金生.高技术企业组织冗余开发模型研究[J].科技进步与对策,2012,29(12):80-84.
[23]郭立新,陈传明.组织冗余与企业技术创新绩效的关系研究—基于中国制造业上市公司面板数据的实证分析[J].科学学与科学技术管理,2010,31(11):52-60.
[24]陈晓红,王艳,关勇军.财务冗余、制度环境与中小企业研发投资[J].科学学研究,2012,30(10):1538-1545.
[25]万晓红,陈宏民,胥莉.高新技术产业开发区差异化竞争策略—产品范围选择的视角[J].系统管理学报,2012,21(2):283-286.
[26]David J S,Hwang Y,Pei B K W,et al.The performance effects of congrence between product competitive strategies and purchasing management design[J].Management Science,2002,48(7):866-885.
[27]Lindawati G,Johnny J.Investigating the effect of board independence on performance across different strategies[J].International Journal of Accounting,2006,41(3):295-314.
[28]Hodrick R J,Prescott E C.Postwar U.S.business cycles:An empirical investigation[J].Money,Credit,Banking,1997,29:1-16.
[29]Ravn M,Uhlig H.On adjusting the HP-Filter for the frequency of observations[J].Review of Economics and Statistics,2002,2:371-376.
[30]Lamey L,Deleersnyder B,Dekimpe M G,et al.How business cycles contribute to private-label success:Evidence from the U.S.and Europe[J].Marketing,2007,71:1-15.
[31]Deleersnyder B,Dekimpe M G,Steenkamp E M.The role of national culture in advertising’s sensitivity to business cycles:An investigation across continents[J].Marketing Research,2009,46:623-636.
[32]Steenkamp E M,Fang E E.The impact of economic contractions on the effectiveness of R&D and advertising:Evidence from US companies spanning three decades[J].Marketing Science,2011,30(4):628-645.
[33]Maksimovic V,Titman S.Financial policy and reputation for product quality[J].Review of Financial Studies,1991,4(1):175-200.
1)此处的无形资产剔除了土地使用权、特许权类无形资产,是指商标权、专利权、非专利技术和著作权类等无形资产
2)此处行业平均本文使用的行业分类主要是制造业小类(即制造业字母后两位数字)
3)此处货币资金及其等价物中包括应收票据,因为应收票据的变现能力很强,所以与应收账款加以区分
4)应收账款资源包含:预付账款、其他应收账款、应收利息、应收股利和应收账款等
5)存货资源:本文未加入其他流动资产,是为了便于根据资产的特征分析经济意义
[2]Bourgeois L J.On the measurement of organizational slack[J].Academy of Management Reviews,1981,6(1):29-39.
[3]Nohria N,Gulati R.Is slack good or bad for innovation[J].Academy of Management Journal,1996,39(5):1245-1264.
[4]Bourgeois L J,Singh J V.Organizational slack and political behavior among top management teams[J].Academy of Management Proceedings,1983(1):43-47.
[5]Singh J V.Performance,slack,and risk taking in organizational decision making[J].Academy of Management Journal,1986,29(3):562-585.
[6]Sharfman M P,Wolf G,Chase R B,et al.Antecedents of organizational slack[J].Academy of Management Review,1988,4(13):601-614.
[7]Latham S F,Braun M R.The performance implications of financial slack during economic recession and recovery:Observations from the software industry(2001-2003)[J].Journal of Managerial Issues,2008,1:30-50.
[8]Lee S.How financial slack affects firm performance:Evidence from us industrial firms[J].Journal of Economic Research,2011,16:1-27.
[9]段海艳.连锁董事、组织冗余与企业创新绩效关系研究[J].科学学研究,2012,30(4):631-640.
[10]张晓昱,朱慧明,吴宣明.动态环境调节下财务冗余结构对企业绩效的影响研究[J].软科学,2014,28(8):125-129.
[11]Liu H,Ding X H,Guo H,et al.How does slack affect product innovation in high-tech Chinese firms:The contingent value of entrepreneurial orientation[J].Asia Pacific Journal of Management,2014,31:47-68.
[12]Daniel F,Lohrke F T,Fornaciari C J,et al.Slack resources and firm performance:A meta-analysis[J].Journal of Business Research,2004,57:565-574.
[13]Li D W,Li J L.Intellectural capital,slack resources and corporate value:Empirical analysis of a moderating effect model[C]//11th Wuhan Internal Conference on e-Business.Wuhan,China University of Geosciences,2012.
[14]Alessandri T,Cerrato D,Depperu D.Organizational slack,experience,and acquisition behavior across varying economic environments[J].Management Decision,2014,52(5):967-982.
[15]Porter M E.Competitive strategy[M].New York:Free Press,1980.
[16]Brander J A,Lewis T R.Oligopoly and financial structure:The limited liability effect[J].American Economic Review,1986,76(5):956-970.
[17]Jordan J,Lowe J,Peter T.Strategy and financial policy in UK small firms[J].Journal of Business Finance&Accounting,1998,25(1)&(2):1-27.
[18]Poitevin M.Financial signaling and the deep-pocket argument[J].Rand Journal of Economics,1989,20:26-40.
[19]O’Brien J P.The capital structure implications of pursuing a strategy of innovation[J].Strategic Management Journal,2003,24:415-431.
[20]Williamson O.The economic institutions of capitalism[M].New York:Free Press,1985.
[21]孙晓华,郑辉.买方势力、资产专用性与技术创新——基于中国汽车工业的实证检验[J].管理评论,2011,23(10):163-170.
[22]巩杰,李金生.高技术企业组织冗余开发模型研究[J].科技进步与对策,2012,29(12):80-84.
[23]郭立新,陈传明.组织冗余与企业技术创新绩效的关系研究—基于中国制造业上市公司面板数据的实证分析[J].科学学与科学技术管理,2010,31(11):52-60.
[24]陈晓红,王艳,关勇军.财务冗余、制度环境与中小企业研发投资[J].科学学研究,2012,30(10):1538-1545.
[25]万晓红,陈宏民,胥莉.高新技术产业开发区差异化竞争策略—产品范围选择的视角[J].系统管理学报,2012,21(2):283-286.
[26]David J S,Hwang Y,Pei B K W,et al.The performance effects of congrence between product competitive strategies and purchasing management design[J].Management Science,2002,48(7):866-885.
[27]Lindawati G,Johnny J.Investigating the effect of board independence on performance across different strategies[J].International Journal of Accounting,2006,41(3):295-314.
[28]Hodrick R J,Prescott E C.Postwar U.S.business cycles:An empirical investigation[J].Money,Credit,Banking,1997,29:1-16.
[29]Ravn M,Uhlig H.On adjusting the HP-Filter for the frequency of observations[J].Review of Economics and Statistics,2002,2:371-376.
[30]Lamey L,Deleersnyder B,Dekimpe M G,et al.How business cycles contribute to private-label success:Evidence from the U.S.and Europe[J].Marketing,2007,71:1-15.
[31]Deleersnyder B,Dekimpe M G,Steenkamp E M.The role of national culture in advertising’s sensitivity to business cycles:An investigation across continents[J].Marketing Research,2009,46:623-636.
[32]Steenkamp E M,Fang E E.The impact of economic contractions on the effectiveness of R&D and advertising:Evidence from US companies spanning three decades[J].Marketing Science,2011,30(4):628-645.
[33]Maksimovic V,Titman S.Financial policy and reputation for product quality[J].Review of Financial Studies,1991,4(1):175-200.
1)此处的无形资产剔除了土地使用权、特许权类无形资产,是指商标权、专利权、非专利技术和著作权类等无形资产
2)此处行业平均本文使用的行业分类主要是制造业小类(即制造业字母后两位数字)
3)此处货币资金及其等价物中包括应收票据,因为应收票据的变现能力很强,所以与应收账款加以区分
4)应收账款资源包含:预付账款、其他应收账款、应收利息、应收股利和应收账款等
5)存货资源:本文未加入其他流动资产,是为了便于根据资产的特征分析经济意义