中国医药制造企业前向一体化选择及其影响的实证研究--基于企业绩效与股权结构视角.pdfVIP

中国医药制造企业前向一体化选择及其影响的实证研究 ——基于企业绩效和股权结构视角* 1 2 3 薛有志 ，郭勇峰 ，姜明月 （1.南开大学 商学院，天津 300071；2.南开大学 商学院，天津 300071；3.南开大学 商学院，天津 300071） 摘要：本文选取在沪深两地上市的医药制造企业，以2002-2008 年的数据为样本，研究了医药制造企业实施前向 一体化战略对企业绩效的影响，企业股权结构特征对前向一体化战略选择的影响。结果表明：医药制造企业实施 前向一体化战略对企业绩效没有显著影响，但相对纯粹多元化战略而言，前向一体化是一种理性的投资选择；对 于医药制造企业来说，股权集中度越高、股权制衡度越低，越可能实施前向一体化战略。 关键词：前向一体化 企业绩效 股权集中 股权制衡 中图分类号：F270.3 文献标识码：A An Empirical Study on the Choice and Impact of Forward Vertical Integration by drug manufacturers in China--A Corporate Performance and Equity Structure Perspective 1 2 3 Xue Youzhi ，Guo Yongfeng ，Jiang Mingyue （1. Business School,Nankai University,Tianjin 300071,China 2. Business School ,Nankai University,Tianjin 300071,China 3. Business School ,Nankai University,Tianjin 300071,China ） Abstract: This paper, sampling drug manufacturers listed on the Shanghai and Shenzhen Stock Markets in the period from 2002 to 2008, investigates the impact of a forward vertical integration move by drug manufacturers on their corporate performance, and that of the equity structure on the choice of such a move. The results indicate--such a move as forward vertical integration has no significant impact on corporate performance. However, compared with a pure diversification strategy, this move is a rational choice with respect to making investment. And to drug manufacturers, it appears that the more concentrated the equity structure and the less checks and balances among shareholders, the more they tend to a forward vertical integration strategy. Key Words: Forward Vertical Integration; Corporate Performance; Equi