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1、国内图书分类号：F275.5国际图书分类号：657.92学校代码：10213密级：公开管理学硕士学位论文竞争战略定位影响企业价值的实证研究硕 士 研 究 生：吕欣宇导师：王福胜教授申 请 学 位：管理学硕士学科：会计学所 在 单 位：管理学院答 辩 日 期： 2011 年 6 月授予学位单位：哈尔滨工业大学Classified Index: F275.5U.D.C: 657.92Dissertation for the Master Degree in ManagementEMPIRICAL RESEARCH ON THEIMPACTION OF COMPETITIONSTRATEGY TO
2、ENTERPRISE VALUECandidate：Supervisor：Academic Degree Applied for：Speciality：Affiliation：Date of Defence：Lv XinyuProf. Wang FushengMaster of ManagementAccountingSchool of ManagementJune, 2011Degree-Conferring-Institution： Harbin Institute of Technology哈尔滨工业大学管理学硕士学位论文摘 要随着全球经济一体化的发展，企业面临的竞争也在日益加大。企业必
3、然将竞争战略放在战略决策的首要位置，一方面制定能够给企业带来强大竞争优势的竞争战略，另外一方面也要充分识别竞争对手的竞争战略，以便及时采取防范措施，减少竞争损失。企业实施竞争战略的好坏也会影响到投资者的投资效果。因此，考虑竞争战略对企业价值的影响无论对企业制定自身竞争战略、判定竞争对手竞争实力还是对投资者进行投资决策都有非常重要的作用。但是，现阶段的研究中对企业竞争战略的识别方法还不够全面，而且也并没有对两者之间的关系给出明确的解释。本文拟对企业竞争战略的识别方法和竞争战略对企业价值的影响进行分析，以丰富企业竞争战略识别的方法、完善企业价值研究的理论体系，为竞争战略的制定和投资决策的选择提供依
4、据。本文首先对竞争战略进行界定，分析和阐述了竞争战略与企业价值的相关理论。将对竞争战略的研究细分为对成本领先竞争战略和对差异化竞争战略两方面的研究，选择两种竞争战略各自的财务识别指标，识别方法选择因子分析和聚类分析。通过对两种竞争战略影响企业价值的机理分析提出三个假设，建立竞争战略与企业价值的关系模型。本文选择了 2005-2009 年我国沪深两市制造类行业的所有 A 股上市公司作为研究样本，并按照次类行业的划分标准选择了符合要求的 7 个次类行业进行实证分析，得出实证研究结论。其中，通过因子分析确定了成本领先竞争战略因子和差异化竞争战略因子，并根据每个企业在这两个公共因子上的得分识别该企业竞
5、争战略定位；回归分析的结果表明，差异化竞争战略与成本领先竞争战略均能够对企业价值产生正向影响，但是不同行业中两种竞争战略的作用大小不同 ，并说明本研究选择的 7 个行业各适合哪种竞争战略。最后，针对本文研究结论对企业制定竞争战略、对竞争对手竞争战略的判定以及投资者制定投资决策提出政策建议。关键词：企业价值；竞争战略；差异化战略；成本领先战略；实证研究-I-哈尔滨工业大学管理学硕士学位论文AbstractWith the developing of global economic integration, the competition betweenenterprises has grown
6、up day by day. Enterprises have to put the competitivestrategy on the primacy when making strategic decision. On one hand, enterpriseshave to make the competitive strategy which can bring strong competitiveadvantages; on the other hand, the enterprise must identify the competitive strategyof the com
7、petitors so as to take preventive measure timely, reducing loss ofcompetition. The quality of the implementation of competitive strategy businesswill also affect investment effects of investors. Therefore, considering the impactfrom competitive strategy to the enterprise value can play a very import
8、ant role forthe enterprises to make the competitive strategy and determine the competitivestrength of competitors, and also for the investors to determine investment strategyto investors. However, the identification method of competitive strategy is notcomprehensive enough currently, and the relatio
9、nship between competitive strategyand firm value has not been explained clearly. This study will analysis theidentification method of the competitive strategy and how the strategy impact thefirm value. This can enrich the methods of competitive strategy identification、improve the theoretic system of
10、 firm value、provide a way for the enterprise makingcompetitive strategy and the investors making investment decision.First of all, the study defines the competitive strategy, analysis and elaborates thetheories of competitive strategy and firm value. The competitive strategy will bedivided into two
11、parts, one is low-cost competitive strategy, the other is thedifferentiation competitive strategy. We choose the financial recognition of the twocompetitive strategy through the way of factor analysis and cluster analysis. Wepropose two hypotheses while analyzing how the competitive strategies impac
12、tingthe firm value, then set a model to reflect the relationship between competitivestrategies and firm value. This study chooses all the A-share listed companies ofmanufacturing industry in Shanghai and Shenzhen stock market from the year 2005to 2009 as the research sample. Then we use 7 sub-class
13、industries which aresatisfying the classifying standards of sub-class industries to do empirical analysisand obtain empirical results. We use the factor analysis to identify the low-costfactor and the differentiation factor, and also identify the competitive strategy ofenterprises with the help of t
14、hese factors. the result of empirical analysis shows thatboth the differentiation competitive strategy and the low-cost competitive strategyhave the positive inflation to the firm value. But the role of these two strategies isdifferent in each industry. This study also shows the most appropriate competitive- II -哈尔滨工业大学管理学硕士学位论文strategy for 7 industries. At last, based on the result of this study, we put forwardproposals for the enterprises making competitive strategies 、 indentifying thecompetitive strategies of competitors and for the investors making investme
