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首页> 外文期刊>International Journal of Networking and Virtual Organisations >Is performance driven by industry effects or firm effects? - An empirical research on the listed companies in China by variance components analysis
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Is performance driven by industry effects or firm effects? - An empirical research on the listed companies in China by variance components analysis

机译：绩效是受行业影响还是企业影响驱动？ -基于方差成分分析的中国上市公司实证研究

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摘要

In the strategic management theory, the structure-based view holds that the structural characteristic of industry is the main determinant of firm performance; while the resource-based view claims that the competitive advantage is driven by firm's resource and capacity. In this paper, the authors carry out an empirical research on 1070 listed companies' performance in 20 industries by variance components analysis; the findings are different from previous researches:rn1. in China, the industry factors have notable effect on short-term payoff of the listed companiesrn2. industry effects are the main determinants of short-term payoff, but firms' resource and capacities are the dominant determinants of firm values and development potentialrn3. the performance of firms in the middle level of the industry are mainly caused by industry effects, but the performance of firms, which are performance leaders and losers in the industry are mainly caused by firms' resources and capacities.
机译：在战略管理理论中，基于结构的观点认为，产业的结构特征是企业绩效的主要决定因素。而基于资源的观点则认为竞争优势是由公司的资源和能力驱动的。本文通过方差成分分析，对20个行业的1070家上市公司的绩效进行了实证研究。这些发现与以前的研究不同：在中国，行业因素对上市公司的短期收益有显着影响。行业效应是短期收益的主要决定因素，但是企业的资源和能力是企业价值和发展潜力的主要决定因素。行业中层企业的绩效主要是由行业效应引起的，而作为行业绩效领导者和失败者的企业绩效则主要由企业的资源和能力引起。

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