企业集团、产业生命周期与战略选择  

Business Groups,Industrial Life Cycle and Strategic Choices

作　　者：邢斐[1] 陈诗英 蔡嘉瑶 XING Fei;CHEN Shi-ying;CAI Jia-yao(School ofEconomies,HuaZhong University of Science and Technology,Wuhan 430074,China;Institute of New Structural Economics,Peking Universily;National School of Development,Peking University,Beijing 100871,ChinamBeijing 100871,China)

机构地区：[1]华中科技大学经济学院 [2]北京大学新结构经济学研究院 [3]北京大学国家发展研究院

出　　处：《中国工业经济》2022年第6期174-192,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目“企业集团、产业政策与企业技术创新”(批准号71874061);教育部人文社会科学研究青年基金项目“中国财政分权体系下的地方环境治理问题及对策研究”(批准号19YJC790003)。

摘　　要：跨产业经营的企业集团在产业周期不同阶段的战略决策,既关系微观层面的企业集团自身发展和转型,又关乎中国产业结构优化升级的宏观目标。本文在产业生命周期背景下,以2004—2019年中国上市公司为样本,研究企业集团与独立企业的战略选择差异。研究发现:相比于独立企业,企业集团促进了成员企业的战略激进度,且该作用主要体现在成长型产业中。在作用机制上,企业集团通过融资约束缓解与“共同保险”机制共同促进了处于成长型产业的成员企业的战略激进度。异质性分析发现,在企业集团内部特征方面,成长型产业中的企业盈利能力越大、处于成长型与衰退型产业的成员企业的盈利能力差距越大,则处于成长型产业的成员企业的战略越激进;在外部经营环境方面,行业外部融资依赖度越大、经济政策不确定性越高,处于成长型产业的成员企业的战略激进度越大。进一步地,本文发现,处于成长型产业的成员企业通过扩大固定资产投资、无形资产投资、研发投入与技术型并购实行战略调整,且激进战略的执行能够提升企业的经济绩效。本文有利于厘清企业集团促进激进战略制定的微观机理及其产业边界条件,并能为中国产业组织政策的制定和产业结构优化升级提供政策启示。The strategic decisions of cross-industry operating business groups at different stages of the industrial cycle are relevant to both the group’s own development and transformation at the micro level and the macroscopic goal of optimizing and upgrading China’s industrial structure.This paper examines the differences in strategic choices between business groups and independent enterprises in the context of the industrial life cycle, using a sample of Chinese listed enterprises from 2004 to 2019.It finds that business groups promote the strategic aggressiveness of member firms compared to independent enterprises, and this role is mainly reflected in growth industries.In terms of the mechanism of action, the group facilitates the strategic aggressiveness of member firms in growth industries through a combination of financing constraint mitigation and co-insurance mechanisms.The heterogeneity analysis reveals that in terms of intra-group characteristics, the greater the profitability of firms in growth industries, and the greater the gap between the profitability of firms in growth and declining industries, the more aggressive the strategies of member firms in growth industries;in terms of external business environment, the greater the dependence of the industry on external financing and the higher the uncertainty of economic policies, the more aggressive the strategies of members in growth industries.Further, this paper finds that the growth industry member firms have been able to adjust their strategies by expanding their investments in fixed assets, intangible assets, R&D, and technology-based M&A, and that the implementation of aggressive strategies can improve their economic performance.This paper helps to clarify the micro-mechanisms and industrial boundary conditions that facilitate aggressive strategy formulation by business groups, and can provide policy insights for the formulation of industrial organization policies and industrial structure optimization and upgrading in China.

关 键 词：企业集团 产业生命周期 企业战略 融资约束 “共同保险”效应 

分 类 号：F272[经济管理—企业管理]