营运效率、竞争有效性与企业绩效——基于中国A股房地产与电器上市公司的经验  

Operating Efficiency,Competitive Effectiveness and Firm Performance——Evidence from Real Estate and Electrical Equipment Listed Companies in Chinese A-share Market

作　　者：罗彪[1] 王琼[1] 闫维维[1] 张哲宇[1] 

机构地区：[1]中国科学技术大学管理学院,合肥230026

出　　处：《软科学》2012年第9期114-119,共6页Soft Science

基　　金：国家自然科学基金项目(70802058);国家自然科学基金项目(70821001);教育部博士点基金项目(200803581007);安徽省自然科学基金委第五批优秀青年科技基金项目(10040606Y35)

摘　　要：引入企业生命周期作为调节变量,基于中国A股房地产与电器行业上市公司2003～2009年的季度面板数据,分析了营运效率、竞争有效性及二者间交互作用对企业绩效的影响机制。实证结果表明:对于成长期企业,影响绩效的关键因素是营运效率,竞争有效性与营运效率之间具有一定的替代性;而对于成熟期企业,营运效率则与绩效呈"倒U"型关系,影响绩效的关键因素转变为竞争有效性,二者之间存在互补性,并且这种互补作用主要体现在竞争程度较低的行业中。Introducing the corporate life cycle as a moderating variable, the paper analyzes impact mechanism of operating efficiency, competitive effectiveness and their interaction on firm performance based on the quarterly panel data of real estate and electrical equipment listed companies in China A - share market from ：2003 to 2009. The empirical results are as fol- lows ： for growing firm, operating efficiency is the key factor affecting performance, and it has an alternative relationship with competitive effectiveness; but for mature firm, operating efficiency has inverted U-shaped effect on performance while the key factor transforms into competitive effectiveness, and the complementary interaction between them is especially for indus- tries of low competition.

关 键 词：企业绩效 营运效率 竞争有效性 成长期企业 成熟期企业 

分 类 号：F276.6[经济管理—企业管理]