中国钢铁行业上市公司纵向整合的模式选择  

Model Selection to Vertical Combination of Listed Companies in Steel Industry of China

作　　者：周勤[1] 吴利华[1] 杨家兵[1] 

机构地区：[1]东南大学经济管理学院,江苏南京210096

出　　处：《中国工业经济》2007年第7期111-118,共8页China Industrial Economics

基　　金：教育部人文社会科学规划项目"开放条件下中国制造业与外资零售业纵向关系研究"(批准号05JA790010)

摘　　要：本文从战略管理的视角,构建了钢铁行业纵向整合动因的外部力量推动—内在利益追求—自身条件许可的分析框架。在此框架下,三种力量的强弱组合,决定了钢铁行业上市公司纵向整合实现模式的选择。通过对28家钢铁上市公司年报里披露的重大整合案例进行统计,发现钢铁上市公司在不同环节对整合模式的选择存在偏好,并对这些偏好现象做出了合理的解释。最后,选择三种典型的上市公司:临海港口型G宝钢、资源依托型G西钢、市场临近型G马钢,归纳出目前钢铁上市公司纵向整合存在涉及面广,整合力度大,实现模式多样化以及整合存在阶段性等四大特征。From the view of strategy management,this paper first constructs an analysis framework to the cause of the vertical combination of steel industry on the drive of external power,pursue to internal interests and its own capability.In this framework,the combination of the three different forces with different strengths determines the realized model selection of the vertical combination of listed company in steel industry.Then this paper gives some reasonable explanations to the preferences of combination model selection which exist in different stages to the listed company in steel industry based on the statistics to the significant combination cases exposed in the annuals of 28 listed companies in steel industry.According to the three selected typical listed companies—G Baosteel near the harbor,G Xisteel characterized by its resources and G Masteel near the market,this paper concludes there are four characters in the present vertical combination of listed steel companies,which are broad related area,powerful combination,realized pattern diversification and combination in stages.

关 键 词：纵向整合 模式选择 钢铁行业 上市公司 

分 类 号：F271[经济管理—企业管理]