中国创业板企业上市后业绩两极分化的原因探析  

The Reason Analysis of Performance Polarization of Chinese GEM( Growth Enterprise Market)Listed Companies after the Listing

作　　者：邢周凌[1] 张一弛[2] 王一鸣[3] 

机构地区：[1]北京大学金融创新与发展研究中心,北京100871 [2]北京大学光华管理学院,北京100871 [3]北京大学经济学院,北京100871

出　　处：《管理评论》2016年第4期145-154,共10页Management Review

摘　　要：本文以130家创业板上市企业为样本,探索了创业板企业上市后业绩两极分化之谜。研究发现:现阶段创业板上市企业中授权与激励机制是导致其上市后业绩两极分化的主要因素之一,当企业外部环境变化较快,在生产技术较复杂、技能要求较高的条件下,授权与激励机制越能激发员工的潜能与工作热情,从而促进企业绩效的提升。而当企业外部环境变化不快时,生产技术不复杂、需要技能不高时,授权与激励机制会增加企业的成本,从而会影响企业绩效下降。因此,当创业板上市企业金融资源达到一定程度时,要科学合理地进行资源配置和不断创新,才能保持高额利润。研究提出:企业有效地进行资源配置要求人力资源管理的目标指向不仅要与企业发展战略和系统间相契合,还要与企业外部的动态环境相契合,并形成一定的关系模式才能提高企业绩效。This paper explores the mystery of performance polarization of 130 companies listed on GEM and finds that the polarization is caused mainly by authorization and incentives. When external environment changes rapidly,production technologies are complex and high skills are required,authorization and incentives can stimulate the potential and enthusiasm of staff,leading to a good corporate performance. When external environment does not change rapidly,production technologies are not complex and high skills are not required,authorization and incentives will increase enterprises＇ costs,leading to a poor corporate performance. Therefore,when the financial resources of GEM listed companies get to a certain level,they must allocate resources in a scientific and rational way and keep innovating in order to maintain high profits. To allocate effectively resources requires that human resource management should aim not only to keep development strategy in line with inter-enterprise systems,but also to match dynamic environment outside,forming a certain relationship model.

关 键 词：高绩效人力资源管理系统 自主创新能力 环境动态性 企业绩效 

分 类 号：F272.92[经济管理—企业管理] F832.51[经济管理—国民经济]