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	企业竞争优势的度量、来源与经济后果——基于中国上市公司的实证研究; A Study on Measurements,Sources,and Economic Consequences of Firm's Competitive Advantage——An Empirical Research based on China's Listed Companies
	汪金祥 ; 廖慧艳 ; 吴世农
	2014-11-15
关键词	企业竞争优势 股票超额收益率 公司价值 firm competitive advantage abnormal stock returns firm value
英文摘要	财务与战略之间的互动关系是近年来的研究热点和难点,企业竞争优势的度量、来源和后果一直充满争议。本文以2007-2012年在沪深两所交易的A股公司为研究样本,首次使用三种不同指标度量企业竞争优势,并分析其主要来源及经济后果。研究结果表明:(1)从竞争优势来源看,以成长为目标的企业可通过开发人力资源、增加现金持有量和加大研发投入提高竞争优势;以盈利为目标的企业可通过产品差异化、提升品牌商誉、开发人力资源、增加现金持有量和加大研发投入提高竞争优势;以获取综合优势为目标的企业可通过产品差异化、提升品牌商誉和加大研发投入提高竞争优势。(2)具有竞争优势的企业可为投资者带来股票超额回报。其中:以综合指标度量的竞争优势不仅能显著提高本期,还能提高下期股票超额回报。(3)企业竞争优势显著提高了公司价值。其中,以投入资本收益率度量的竞争优势对公司价值的影响最大。由此可见,企业竞争优势可提高股东回报和公司价值,但竞争优势的度量方法不同,其主要来源和经济后果也不同。本文建议,企业应注重开发人力资源、实施产品差异化、增加研发、加强现金管理、提高投入资本效率,以保持和提高其竞争优势,提升公司价值。; Since implementing the policy of economic reform and opening up to world,China' s enterprises have experienced fast growth in the global market by the advantage of low-cost.Therefore,China has been so called as the "World Factory".However,since the financial crisis occurred in 2008,the growth,the profitability and the ability of cash generation of China' s firms have begun to decline continually,and investors have got a big loss in capital market.Therefor,how to obtain and maintain the firm' s competitive advantage becomes a challenging issue for China' s entrepreneurs and managers,and also highly concerned by investors.Since Michael E.Porter proposed the concept of firm' s competitive advantage and its analytical tools,the sources of firm' s competitive advantage has become a hot topic in field of strategic management studies.However,how to measure firm' s competitive advantage has been discussed and debated for years in the previous literature,which also shows the main sources of firm' s competitive advantage and its economic consequences become a controversial issue.These provide a unique research opportunity for this paper.Thus,we develop three different measurements of firm' s competitive advantage to study the relationship between the measurements of firm' s competitive advantage and the sources of firm' s competitive advantage,and how the three different measurements of firm' s competitive advantage affect abnormal return and firm' s value in China.In this paper,we sampled companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2007 to 2012,and our research mainly focus on three issues:(a) how to measure the firm' s competitive advantage;(b) what are the main sources or key factors of firm' s competitive advantage with the three different measures;(c) does the firm' s competitive advantage matter for stock returns and firm value?The empirical results show that;(a) Growth-targeted firms can improve firm' s competitive advantage by developing human resource,increasing cash holdings,and enhancing R&D intensity;Profit-targeted firms can improve firm' s competitive advantage by differentiation,promoting firm brand and goodwill,developing human resource,increasing cash holdings,and enhancing R&D intensity;Comprehensive advantage-targeted firms can improve firm' s competitive advantage by differentiation,promoting firm brand and goodwill,and enhancing R&D intensity,(b) All of the three measurements of firm's competitive advantage are positively associated with the current period' s abnormal stock returns significantly.More particular than other measurements,firm' s competitive advantage measured by the composite is also positively associated with the following period' s abnormal stock returns significantly.(c) All of the three measurements of firm' s competitive advantage positively affect both on the current and the following period' s firm value significantly.In addition,we find that the firm' s competitive advantage measured by return on invested capital is the most informative indicator in explaining abnormal return and firm value.The results above suggest that the sources of firm' s competitive advantage and its economic consequences are highly dependent on how to measure the firm' s competitive advantage.In all,we have developed three different measurements of firm' s competitive advantage to observe the main source of the firm' s competitive advantage and their effects on abnormal return and firm' s value,respectively.The main findings provide some new scientific evidences for China' s enterprises to gain and enhance their competitive advantage and firm' s value by developing HR,implementing differentiation,increasing R&D,strengthen cash management,and improving investment efficiency.
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/103179]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	汪金祥,廖慧艳,吴世农. 企业竞争优势的度量、来源与经济后果——基于中国上市公司的实证研究, A Study on Measurements,Sources,and Economic Consequences of Firm's Competitive Advantage——An Empirical Research based on China's Listed Companies[J],2014.
APA	汪金祥,廖慧艳,&吴世农.(2014).企业竞争优势的度量、来源与经济后果——基于中国上市公司的实证研究..
MLA	汪金祥,et al."企业竞争优势的度量、来源与经济后果——基于中国上市公司的实证研究".(2014).

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