政府干预、资源禀赋与企业多元化战略选择:以煤企为例  

Government Regulation,Resource Endowments and Vertical Diversification Strategy:a Case Study of Coal Enterprises from Institutional-Based and Resource-Based Perspective

作　　者：孙自愿[1] 许若琪 张昊昊[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《现代财经（天津财经大学学报）》2015年第10期92-102,共11页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(12BGL044);国家社科基金重大项目(11&ZD163);江苏省2015年度研究生教育教学改革研究与实践课题(JGZZ15_029)

摘　　要：随着新常态下经济结构的深入调整和国家能源生产革命的迫切要求,煤企纵向多元化整合活动值得关注。本文基于制度基础观和资源基础观的双重视角,选取2007-2012年参与纵向多元化整合的煤炭企业样本数据,构建平衡面板数据模型,检验政府干预、资源禀赋与煤炭企业纵向多元化之间的关系。研究发现,受到政府干预程度越高的企业,资源配置中的无形资源越丰裕,且无形资源与煤炭企业纵向多元化程度显著正相关;煤炭企业的物质资源是纵向多元化的"助推剂",但受政府干预程度较大的煤炭企业往往具有固定资产"投资惰性"和风险规避心理;煤炭企业财务资源对纵向多元化的影响依据前向和后向一体化的不同架构路径而不同,政府更支持煤企进行前向一体化,而对后向一体化的规制动机不足。With the development of economic restructuring and the urgent requirements of state energy production revolution under the new normal, coal enterprises vertical diversification activities arouse people＇s concern. From institutional-based and resource-based perspective, this paper empirically researches the relationship among government regulation, resource endowments and vertical diversification of coal enterprises by building a panel data model with the data from 2007 to 2012. The result indicates that the higher the government regulation degree is, the more abundant the intangible resources are, and the intangible resources display a positive effect on the vertical diversification degree of coal enterprises. The material resources can make contributions to the verti- cal diversification of coal enterprises, but the management is lazy in fixed assets investment and tends to avoid the operation risk in the enterprises that are highly regulated by the government. Be- sides, the effect of financial resources on vertical diversification differs between forward integration and backward integration. The government is more active to support forward integration of coal enterprises while expressing little motivation to backward integration.

关 键 词：制度基础观 资源基础观 政府干预 纵向多元化程度 投资惰性 

分 类 号：F272.1[经济管理—企业管理]