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生物药品制造行业竞争战略影响企业绩效的时滞效应研究——基于VAR模型的脉冲响应分析

ISSN号：1003-207X
期刊名称：中国管理科学
时间：2014
页码：140-148
分类：F224[经济管理—国民经济] C931[经济管理—管理学;社会学]
作者机构：[1]湖南大学工商管理学院,湖南长沙410082
相关基金：国家自然科学基金资助项目（71272208）;教育部新世纪优秀人才支持计划（NCET-11-0125）;国家自然科学基金重点资助项目（71031004）;湖南省社会科学重点项目（11ZDB054）;湖南省自然科学基金资助项目（12JJ6070）
相关项目：战略导入的投资决策与风险管理

关键词：差异化战略, 低成本战略, 企业绩效, 时滞效应, differentiation strategy, low cost strategy, corporate performance, time-lag effect

中文摘要：

本文利用中国医药生物制品上市公司2003年1季度一2012年1季度的季度财务数据进行了验证性因子分析，构建了差异化和低成本两个因子以反映公司的竞争战略。在此基础上，利用向量自回归（VAR）和脉冲响应的思路考察了战略制定及实施后企业的绩效表现，确定了战略绩效的滞后程度。研究发现：竞争战略影响企业绩效表现出一定的时滞效应；且差异化战略影响企业绩效的滞后期长于低成本战略；同时竞争战略影响企业绩效具有持续性，即竞争战略能够给企业带来持续的竞争优势，且差异化战略影响企业绩效的持续时间相比低成本战略也更长。最后，实证结果还发现，在医药生物制品行业，差异化战略相比低成本战略实施难度更大，风险更高，实施成功的可能性越小。

英文摘要：

In this paper, the time-lag effect of competitive strategy on the enterprise performance has been theoretically and empirically analyzed by using quarterly financial data of Chinese listed companies from 2003 to 2012 in medical biological industry. Confirmatory factor analysis method is used to construcl dif- ferentiation and low-cost to be the proxy factors to reflect competitive strategy, and the types of strategies and the performance after implement these strategies are studied. Further, the time-lag effect of these strategies are studied. The results show that the enterprise performance is generated after the implementa- tion of the specific competitive strategy, and there is an interval of time between the performance genera-tion and the implementation of the strategy. This time-lag effect are differently characterized by the differ- entiation strategy and low cost strategy, both the lag period and sustainability of the differentiation strate- gy is longer than that of the low cost strategy. Meanwhile, compared to the low cost strategy, the differ- entiation strategy is more difficult to be successfully implemented and suffers more risk and lower success rate in medical biological industry.

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