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

Abstract

Abstract: 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 construct differentiation 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 implementation of the specific competitive strategy, and there is an interval of time between the performance generation and the implementation of the strategy. This time-lag effect are differently characterized by the differentiation strategy and low cost strategy, both the lag period and sustainability of the differentiation strategy is longer than that of the low cost strategy. Meanwhile, compared to the low cost strategy, the differentiation strategy is more difficult to be successfully implemented and suffers more risk and lower success rate in medical biological industry.

Key words: differentiation strategy, low cost strategy, corporate performance, time-lag effect

CLC Number:

F224
C931

LEI Hui, OUYANG Li-ping, NIE Shan-shan, CHEN Shou. A Study on the Time-lag Effect of Competitive Strategy on the Enterprise Performance The Impulse Response Analysis Based on VAR Model[J]. Chinese Journal of Management Science, 2014, 22(11): 140-148.

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A Study on the Time-lag Effect of Competitive Strategy on the Enterprise Performance The Impulse Response Analysis Based on VAR Model

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