经济周期视角下中国家电企业战略承诺和绩效

发布时间：2018-05-29 00:43

本文选题：经济周期 + 竞争优势　；参考：《厦门大学》2014年硕士论文

【摘要】：战略承诺学派将企业长期竞争优势归结于企业执行战略承诺的决心和程度。战略承诺的不可逆转性,意味着企业需要对产业结构的演变方向和发生时机做出准确预测。因此,识别机遇和抓住机遇是企业实现战略管理的必然要求,也是企业获得竞争优势的重要前提。本文以企业执行战略承诺投资时机为研究对象,探讨不同经济发展阶段企业战略承诺投资时机选择和企业业绩之间的关系,旨在技术创新导致经济周期波动的前提下,发掘导致企业业绩出现差异的深层原因,从而为企业通过识别主导产业和宏观经济的发展规律,把握执行进入主导产业战略承诺的最佳时机,获得长期竞争优势提供新的理论视角和具体的分析方法。产业结构变化的实质是技术创新。根据熊彼特的循环经济理论,技术创新按照长波周期循环波动。在熊彼特创新理论的基础上,罗斯托认为,产业结构的变更将通过主导产业的更替体现出来。新的主导产业将在下一个长波周期中推动经济整体增长、并保持高速成长。范杜因从产业生命周期的角度,进一步发现长波周期波动和技术创新之间存在对应关系,主导产业集中出现在长波周期的复苏期和成熟期。本文结合熊彼特的三期嵌套理论、主导产业理论和产业生命周期理论,识别1992-2012年之间中国中波周期和短波周期波动,分析主导产业的演变情况,比较家电制造企业执行进入主导产业的战略承诺时机选择对企业绩效的影响。研究主要分为中国经济周期分析和多案例分析两部分。在经济周期划分的部分,根据熊彼特经济周期理论,利用NBER方法将1992-2012年间中国经济划分为不同的朱格拉周期和基钦周期,总结不同经济周期的具体特征。通过比较不同行业增加值对GDP推动力量的强弱变化,识别中国主导产业的变迁。在多案例分析的部分,以1992-2012间中国家电制造业中7家具有代表性的上市公司为样本,以企业的年报、公告和财务数据为文本来源,通过整理企业战略承诺大事年表的方式,分析经济周期视角下不同企业战略承诺选择时机对企业业绩的影响。本文探讨中国家电制造企业的择时能力对企业业绩的影响,对企业执行战略承诺的最佳融资、投资和业务剥离时点进行了归纳,对导致企业业绩差异的深层原因做出总结。本论文的主要结论如下：(1)业绩表现优秀的企业通过把握长波周期的发展规律,集中在每个朱格拉周期的第一个基钦周期和经济危机的前夕获得融资,并在第一个基钦周期前半期和第二个基钦周期前半期准确进入主导产业。而在第三个基钦周期,业绩表现优秀的企业在经济危机爆发前获得大量低成本融资,利用经济危机之后资产价格的低点,通过股权收购的形式快速获得扩张,并在下一个朱格拉周期的第一个基钦周期中获得竞争优势。(2)体制是影响企业战略承诺时机选择的重要原因。(3)业绩导向的股权激励计划,在经济繁荣时约束高管团队的过分扩张行为,并激励高管团队在经济衰退时努力提升企业绩效。(4)本文发现战略承诺的决心和灵活性之间不存在矛盾,企业在准确把握经济周期波动的前提下,可以通过在不同产业之间灵活选择战略承诺的时机和形式,获得长期竞争优势。本文引入经济周期视角,将宏观经济波动和企业微观行为联系起来,通过定性数据结合定量数据的方式,讨论了企业业绩和企业进行战略承诺时机选择能力之间的关系。然而,本文的结论适用于处于高度竞争、具有强烈规模效应的产业,对于受到政府保护的垄断企业和依托特定客户、提供定制服务企业的战略承诺时机选择,所导致的企业业绩差异缺乏解释力。本文主要分为七个章节,分别是绪论、战略承诺和长期竞争优势、经济周期和战略承诺时机、中国经济周期的识别、研究方法与假设、案例分析、结论和启示讨论。在绪论中,我们对研究问题、前提、意义和论文的总体框架做出阐述。在战略承诺和长期竞争优势中,我们对结构学派、资源学派和战略承诺学派的理论进行回顾,阐述了企业长期竞争优势的来源。在经济周期和战略承诺时机、中国经济周期的识别中,根据熊彼特经济周期理论、主导产业理论和产业生命周期理论,解释经济周期视角下,企业如何选择进入主导产业的战略承诺时机,从而获得长期竞争优势。在中国经济周期的识别中,在经济周期视角下发现中国主导产业的变更时机和家电制造企业的业绩之间存在联系。在研究方法与假设、案例分析和结论和启示讨论中,通过观察中国主导产业变更和家电制造企业业绩波动间的关系,结合之前的理论回顾提出假设,采用多案例研究的方式进行分析,并对研究结果进行验证并提出新启示。
[Abstract]:The strategic commitment school brings the long - term competitive advantage of the enterprise to the determination and the degree of the strategic commitment of the enterprise . The irreversible nature of the strategic commitment means that the enterprise needs to make an accurate prediction of the evolution direction and the timing of the industrial structure . Therefore , identifying opportunities and seizing the opportunity is the inevitable requirement of the enterprise to realize strategic management , and it is an important prerequisite for the enterprise to obtain the competitive advantage .

This paper discusses the relationship between the investment opportunity choice and the enterprise performance of the enterprise strategic commitment in different stages of economic development , aiming at the deep cause of the difference of the enterprise ' s performance under the premise that the technological innovation leads to the fluctuation of the economic cycle , so as to provide a new theoretical perspective and a concrete analysis method for the enterprise through identifying the dominant industry and the macro - economy development law , grasping the best opportunity to enter the strategic commitment of leading industry .

The essence of industrial structure change is technological innovation . According to Schumpeter ' s theory of circular economy , technological innovation is in accordance with the cycle of long - wave cycle . On the basis of Schumpeter ' s innovation theory , Roto believes that the change of industrial structure will be reflected by the change of dominant industry .

Based on the theory of Schumpeter ' s economic cycle , according to the theory of Schumpeter ' s economic cycle , China ' s economy is divided into different periods and Kachin cycle by means of NBER method .

This paper discusses the influence of time - selection ability of Chinese electrical appliance manufacturing enterprises on the performance of enterprises , and summarizes the best financing , investment and business peeling - off points of the strategic commitment of enterprises . The main conclusions of this paper are as follows : ( 1 ) The enterprises with excellent performance have obtained a lot of low - cost financing before the outbreak of the economic crisis .

This paper introduces the relationship between macro - economic fluctuation and enterprise ' s micro - behavior , and discusses the relationship between enterprise performance and enterprise ' s strategic commitment opportunity choice ability through qualitative data combined with quantitative data . However , the conclusion of this paper is applicable to the industry with high competition and strong scale effect .

This paper is divided into seven chapters , namely , introduction , strategic commitment and long - term competitive advantage , economic cycle and strategic commitment opportunity , economic cycle and strategic commitment opportunity , Chinese economic cycle identification , research methods and assumptions , case analysis , conclusion and inspiration discussion .
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.6;F272

【参考文献】