服务企业绩效差异源泉的理论与实证分析

发布时间：2018-11-27 06:43

【摘要】："服务企业绩效差异的主要源泉是来自行业效应还是企业效应?",通过对2002-2009年中国服务业上市公司的研究,利用方差分析法衡量了行业、企业、年份的主效应以及年份与行业的交互效应对服务企业绩效差异的影响程度。结果显示:(1)服务业有较强的成长能力,可能会有一轮新的资本规模扩张形势;(2)企业效应对服务业上市公司盈利能力起着决定性影响,服务企业要获得可持续超常盈利能力的根本途径,是运用其独特的、无法被模仿的资源来创造可持续的竞争优势,而非多元化进入更有获利能力的产业,更不可能依赖于宏观经济环境的变动;(3)与盈利能力不同,年份效应对服务业上市公司成长能力的影响仅次于企业效应,这种差异性深刻地揭示出投资者的非理性和资本市场亟待完善。
[Abstract]:"is the main source of service firm performance difference coming from industry effect or firm effect?". Through the research of Chinese service industry listed companies from 2002 to 2009, this paper uses variance analysis method to measure industry and enterprise. The main effect of the year and the interaction between the year and the industry affect the performance difference of service enterprises. The results show that: (1) the service industry has a strong ability to grow, and there may be a new capital expansion situation; (2) the enterprise effect has a decisive influence on the profitability of the listed companies in the service industry. The fundamental way for service enterprises to obtain sustainable and extraordinary profitability is to use their unique and unimitated resources to create a sustainable competitive advantage. Instead of diversifying into more profitable industries, it is less likely to depend on changes in the macroeconomic environment; (3) unlike profitability, the year effect has a second effect on the growth ability of listed companies in the service industry. This difference deeply reveals the irrationality of investors and the urgent need to improve the capital market.
【作者单位】：广东金融学院华南金融研究所;中国社会科学院财经战略研究院所;武汉大学企业战略管理研究所;中国社会科学院财经战略研究院;
【基金】：国家自然科学基金“基于经济控制力的高端服务业集聚研究”(项目编号:71003028/G0304) 广东省自然科学基金“基于经济控制力的高端服务业集聚研究——以广东省为例”(项目编号:10151052101000002)的阶段性成果
【分类号】：F719;F272.92;F224

【共引文献】