中国上市建筑企业规模有效性研究
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摘要
在我国,随着建筑业市场经济体制的不断完善,企业成为了市场竞争的主体。竞争使得企业不断在组织结构上进行调整,使企业的规模不断扩大。但是同时我们还应该看到,我国建筑企业尤其是上市建筑企业中普遍存在着“大而不强”的现象,并且缺乏具有国际竞争力的超大型企业集团。这说明上市建筑企业的发展并没有达到规模经济和范围经济的要求,与国外上市建筑企业相比还存在很大差距。上市建筑企业作为我国建筑业的重要力量,如何促进其健康、有序的发展对建筑业乃至整个国民经济都具有重要意义。为此,本文在系统分析影响上市建筑企业绩效内外部因素的基础上,深入研究企业规模有效性的相关理论机理和方法,并将其与规模经济和范围经济评价模型相结合应用于上市建筑企业的发展实践,采用理论研究和实证分析相结合、定性与定量研究相结合以及比较分析的研究方法,综合运用SCP理论、数据包络分析(DEA)、随机边界分析(SFA)、多元回归分析等多学科知识,结合建筑企业的行业特点,对上市建筑企业的规模有效性问题进行了深入和细致的研究。
     本文首先从分析影响企业绩效的内外部因素和企业规模有效性的作用机理入手,在阐明建筑企业规模相关概念的基础上,确定建筑企业规模的研究层次;通过对企业规模调整机制的分析和对影响企业绩效的内外部因素的总结,分析了企业规模与各要素之间的作用机理;通过对企业规模的划分,研究企业横向规模与纵向规模有效性的一般机理和判断方法,为研究奠定了理论基础。基于对我国建筑企业规模发展历程的整体分析,以及对不同规模建筑企业的现状比较,明确了不同类型建筑企业的发展状况;从市场结构的角度对影响上市建筑企业绩效的外部因素进行了分析,主要分析了市场份额、市场集中度、进入和退出壁垒;在此基础上,采用SCP分析框架,对我国建筑业市场结构、规模和市场绩效之间的关系进行了实证研究,对传统共谋假说和有效结构假说进行了检验。
     对影响上市建筑企业绩效的内部因素之间的作用机理进行实证分析。对我国深沪两市建筑业板块所有上市公司的规模和绩效状况进行分析,通过中外比较,找出存在的差距和问题;对影响上市建筑企业绩效的差异化、价格行为和公司治理结构因素进行分析,着重分析了不同公司治理结构企业的绩效水平差异;对上市建筑企业规模、内部因素和绩效之间的关系进行了实证分析,分别建立了公司治理结构与企业规模、公司治理结构与企业绩效、企业规模与企业绩效之间的多元回归模型。- I -
     对上市建筑企业的规模有效性进行评价。建立上市建筑企业规模有效性的系统评价体系,确定上市建筑企业规模有效性划分标准。分别通过实证研究对上市建筑企业的技术效率、规模经济和范围经济、全要素生产率增长进行测算。并对不同类型上市建筑企业的相应测算指标进行比较分析。同时,通过测算结果和规模有效性等级划分标准来确定参与评价上市建筑企业的规模有效性等级。
     提出了上市建筑企业规模有效性的发展策略。以对上市建筑企业实证分析和评价的结果为基础,分别从建筑业市场结构、公司治理结构、企业规模发展模式和企业组织结构的角度提出了我国上市建筑企业规模有效性的政策和建议。
     论文研究上市建筑企业规模有效性的有关理论和方法,可在一定程度上促进企业规模相关理论的发展,对于促进建筑经济与管理理论的进一步发展,提升上市建筑企业的竞争力,促进建筑企业的健康和快速发展,实现真正意义上的规模经济和范围经济具有重要价值。
Enterprises become the subject of market competition,with continuously improved market economy system of the construction industry in China. Competitions make enterprises continuously adjust the organization structure, and scales of enterprises are expanding. But we should also see that the phenomenon of "big but not strong" and lack of internationally competitive super large construction companies are ubiquity in Chinese construction enterprises especially listed construction companies (LCC). This proves that the developments of LCC do not meet the requirements of scale economy and scope economy. And there is a large gap between Chinese LCC and LCC in foreign countries. Being the important elements of construction industry in China, how to promote a healthy and orderly development of LCC has important significance to the whole construction industry even to the national economy. So, based on the system analysis of the internal and external factors which have an influence on LCC’performances, this paper has a further and painstaking study on the theory and methods about the availability of enterprise scales. And the paper uses the evaluation model combined by scale economy and scope economy to the practice of the development of LCC. The research methods include theoretical research and empirical analysis, quantitative research and qualitative research, and comparative analysis. This paper involves many related subjects including SCP theory, DEA, SFA and multiple regression analysis.
     The paper starts with mechanism of the internal and external factors for enterprise performance and availability of enterprise scale. Then it decides research levels of LCC’scales after clarifying the concept of LCC’scales. And it analyzes the mechanism between enterprise scale and every element by analyzing adjustment mechanism of enterprise scales and summarizing the internal and external factors for enterprise performances. Dividing the enterprise scales, study on the mechanism and judging methods of availability of the enterprises’horizontal scale and vertical scale, which all lay a theoretical foundation of this paper.
     Based on the analysis of development course of LCC scales, and comparative analysis the present situation of different scales of construction companies, the position of them in the whole construction industry is cleared. We analyze the external factors for LCC performances in the perspective of market structure, mainly includes market share, market concentration, entry and exit barriers. On this basis, there is an empirical study on the relationship of market structure, scale and market performances using the SCP analysis framework in order to check the Collusion Hypothesis and Efficient Structure Hypothesis.
     We empirical studied on the mechanism of internal factors for the performances of LCC. We analyze the scale and performance statuses of all listed companies on construction plate in Shanghai and Shenzhen stock market, and find the gaps and problems existing by comparative studies on Chinese and foreign. Then we analyze the factors impacted on different performances of LCC, price behavior and corporate governance structure, especially the gaps on different level of performances between different corporate governance structures. In this paper, we have an empirical analysis on scales of LCC, internal factors and enterprises’performances, and build three regression models. The first model is between corporate governance structure and scales of enterprises, the second one is between corporate governance structure and performances of enterprises, and the third one is between scales of enterprises and performances of enterprises.
     There is an evaluation on the availability of LCC scales. We build an evaluation system and definite division standard of the availability of LCC scales. Then technical efficiency, scale economy, scope economy, and total factor productivity growth are calculated. Comparison and analysis of evaluation-index of different types of LCC are carried out. Meanwhile, grades of scale availability evaluating LCC are determined by the calculating results and dividing standards. Development strategies on scale availability of LCC are put forward. Based on the empirical analysis and valuating results of LCC, we put forward the policies and suggestions of availability on LCC’scales which separately in the view of market structure, corporate governance structure, firm size mode and firm organization structure.
     This paper studies on the theory and method of availability on LCC scales, which to some extend can promote development of related theory on enterprises scales. This paper has important values in further development of construction economy and management theory, and promoting the competitiveness of LCC, and healthy and fast development of LCC, and realizing scale economy and scope economy in the real sense.
引文
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