市场分割与上市公司绩效

发布时间：2018-01-08 11:12

本文关键词：市场分割与上市公司绩效　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：市场分割作为我国区域经济发展的特征之一,一直受到学界的高度关注。多数文献认为,我国的市场分割现象是地方政府出于地方保护的动机主导而成的,并对区域经济发展起负面作用。本文则试图从微观企业的视角出发,实证考察目前我国不同地区(省份)市场分割对当地企业经营绩效的影响,并试图通过考察市场分割对不同性质企业的不同影响,对市场分割的合意性给出推测。实证部分,文章首先参考已有文献中对市场分割的定义,选择了相对价格法对我国各省市场分割指数进行了逐年计算,结果表明2005年至2014年间各省市场分割指数呈现逐年下降的趋势,这表明我国区域间市场分割的程度正在降低。而后文章结合上述市场分割指数,以2010年至2014年间,沪深两市上市公司为样本,从盈利能力和经营成本两个角度出发,对上市公司绩效和市场分割指数之间的关系进行了实证研究。结论如下:首先从总体回归来看,市场分割与本地企业经营绩效之间呈现非线性关系,具体而言,较低程度的市场分割将提高企业利润,降低企业经营成本,从而提高企业绩效;而超过一定限度的市场分割将降低利润,提高成本,从而对企业绩效产生不利影响。由于上市公司数据特征所限,本文只讨论了市场分割与本地企业经营绩效之间的关系,因此从总体回归中无法直接识别出市场分割对本地企业和在本地经营的外地企业影响的差异,也就无法对市场分割的总体合意性进行直接判断。为此,本章剩余部分从企业性质、行业、地区三个角度对样本进行了分类回归,子样本回归结论如下:第一,市场分割程度提高将显著提高非国有企业的经营绩效,而对国有企业绩效的促进作用相对较弱。第二,经营绩效对市场分割指数变化敏感度较高的企业多处在东部与南部的经济强省,而处于经济落后地区和省份的企业经营绩效对市场分割指数的变化的敏感程度相对较弱。以上结论均支持了合意性市场分割的猜想。
[Abstract]:Market segmentation is one of the characteristics of regional economic development in China, has been highly concerned by the academia. Most of the literature suggests that market segmentation phenomenon in China is the local government for the protection of local leading and motivation, and has a negative effect on the regional economic development. This paper tries from the microcosmic perspective, empirical the present study in different regions of China (province) market segmentation impact on the performance of local enterprises, and attempts to study the market segmentation of different effects on the different nature of the enterprise, speculate on the desirability of market segmentation is given. The empirical part, firstly, with reference to the existing literature on the definition of market segmentation, selection of calculation for the year by year China market segmentation index relative price method. The results show that from 2005 to 2014, the market segmentation index showed a declining trend, which indicates that our inter regional market The degree of segmentation is reduced. Then combining with the market segmentation index, for the period from 2010 to 2014, Shanghai and Shenzhen two listed companies as the sample, starting from the two aspects of profitability and operating costs, the relationship between the performance of listed companies and the market segmentation index empirical study. Conclusions are as follows: firstly, from the view of general regression present, nonlinear relationship between the market segmentation and local business performance. Specifically, the low degree of market segmentation will improve corporate profits, reduce operating costs, improve enterprise performance; and beyond a certain limit, the market segmentation will reduce profits, improve the cost, which has a negative effect on the corporate performance. Due to the limitation of data characteristics listed companies, this paper only discusses the relationship between the market segmentation and local business performance, so the overall regression can not directly identify market segmentation The difference of local enterprises and the influence in the local business of foreign enterprises, is not on the overall desirability of market segmentation for direct judgment. Therefore, the remainder of this chapter from the nature of enterprises, industries, regions of the three aspects of classification and regression on the sample, sub sample regression results are as follows: first, improve the degree of market segmentation non state owned enterprises will significantly improve the operating performance, and to promote the role of relatively weak performance of state-owned enterprises. In second, the operating performance of the market segmentation index is more sensitive to many enterprises in a strong economic province in eastern and southern, and the sensitivity of changes in economically backward regions and provinces of the business performance of the market segmentation index the above conclusions are relatively weak. In support of the desirability of market segmentation hypothesis.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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