企业纵向一体化行为的影响因子——基于中国交通运输、仓储业上市公司的实证研究

摘要

从企业和内部人两个角度构建纵向一体化战略影响因子的理论框架.其中,企业因素包括收益性、成长性和风险性三个维度.使用1998-2008年交通运输、仓储业上市公司数据,通过统计学方法验证这些影响因子对纵向一体化行为的影响.研究发现,在交通运输仓储业,规模较大、董事长具有政府背景、国有控股的公司倾向于纵向一体化,人均GDP较高地区的公司倾向于专业化.%A theoretical framework for the determinants of vertical integration strategy from two dimensions of enterprise and insider is build, and there are three dimensions of profitability, growth and risk in enterprise. The data of the listed companies in transportation and storage industry from 1998 to 2008 is used, in order to verify these determinants of vertical integration through the statistics method. It is proved that companies with large scale, government relationship board chairman and state-owned companies tend to carry out vertical integration strategy, companies in developed regions tend to be specialized.