【作者】 张慧明；

【导师】 周德群；

【作者基本信息】 南京航空航天大学 ， 管理科学与工程， 2008， 博士

【摘要】 我国东中部属于煤炭资源储量匮乏地区,随着资源的逐渐枯竭,一批国有重点煤矿到西部煤炭富集省份跨区域投资。煤炭企业跨区域投资时会选择一定的进入模式作为其战略决策,不同的模式会影响企业的利润率水平、职工的再就业、当地的回采率及煤炭业市场结构,且企业的模式选择会随着投资环境的改善、投资企业的经验积累呈现演化特征,因此研究进入模式的选择有着重要的现实意义;同时进入模式的相关研究一般是围绕跨国投资展开,鲜有涉及国内具体行业的跨区域投资,本文针对煤炭企业进入模式的探索试图弥补这一缺憾,这使研究具有一定的理论意义。论文首先评析了跨区域进入模式选择、演化及绩效的相关文献,指出研究尚待完善之处,这一部分主要是文献归纳的方法;然后结合煤炭企业跨区域投资的特殊性重新构建了煤炭企业跨区域投资的理论分析框架,并以参与西部投资决策的东中部8家煤炭企业的高层管理人员作为研究对象,采用调查问卷的有效数据和Logistic回归、合作博弈等方法分别对煤炭企业跨区域进入模式选择及其演化的影响因素展开研究;最后分析了徐州矿务集团的跨区域投资实践案例。论文有以下主要结论:(1)现阶段影响煤炭企业跨区域进入模式选择的影响因素是东道地自然资源禀赋条件、东道地政府支持力度、资本密集度,由此为改善投资环境,采矿权的市场化以及煤炭资源开发的配套设施建设尤为关键;东道地市场规模、东道地市场竞争程度、企业综合实力对进入模式的影响并不显著,且东道地市场规模与越大,煤炭企业倾向于以低控制模式跨区域进入;东道地市场竞争程度与进入模式的控制呈现正相关。(2)在多数跨国进入模式的研究中,资本密集度越大,表明项目往往需要投入较多的资本,增加了投资风险,跨区域投资企业为规避风险更可能以低控制模式进入。本文的研究却发现在可预见煤炭产业增长的情况下,为寻求长期稳定的收益和避免非控股模式带来的企业非稳定性,煤炭企业反而会选择高控制模式。(3)部分煤炭企业跨区域进入模式的选择具有动态演化特征。合作博弈模型分析认为,合资企业协调成本、跨区域投资煤炭企业相对于西部合作者的资源优势程度的动态变化、跨区域投资所投入的人员和设备等资产专用性均影响了煤炭企业进入模式的演化;当东中部煤炭企业比西部当地的资源专有性强时,协调成本变化主导了合资企业的股权变动。(4)煤炭企业跨区域开发多采用控股和独资模式。针对徐州矿务集团跨区域投资的实践分析表明,控股合资、独资的绩效显著优于承包,但与独资模式相比,控股模式更容易成功。究其原因:控股模式避免了管理冲突,有利于建立健全现代产权制度、可以降低进入壁垒并实现互补资源的有效耦合,该结论为其它企业的进入模式决策提供了借鉴。更多还原

【Abstract】 East and middle parts of China are lack of coal resources. With decaying of resource, major state-own coal enterprises made interregional investments in west provinces full of rich coal resources. Coal enterprises will choose entry modes as strategic decision. Different entry modes will influence enterprise profit rate, reemployment of employee, percentage of recovery and market structure of coal industry, while choices of entry modes present evolutionary characters with improvement of investment environment and accumulation of skill which make research on selection of entry modes practically significant; literature of entry modes focuses on transnational investments, scarcely on inter-regional investments, thus this dissertation endeavors to fetch up the demerits and present certain theoretical significance.First literature of selection of trans-regional entry modes, entry modes evolution, performance evaluation are analyzed and demerits of research are indicated. Methods of literature induce are adopted in this part.Combined with speciality of coal enterprise interregional investment, this dissertation reconstructs theoretical frame of entry modes selection of coal enterprises, regards high rank administrators of Chinese 8 coal enterprises of east and middle parts as subject investigated and adopts questionnaire data, methods of logistic regression and cooperative game to study influence of trans-regional entry modes and entry modes’evolution of coal enterprises; finally a interregional investment case of Xuzhou Mining Group.Dissertation draws following conclusions:(1)Factors that influence entry modes’selection of coal enterprise are mainly local natural resource endowment, local government support, capital density, thus market-orientation of mining right and supporting facilities construction of coal resources exploitation are crucial for improving investment environment. Local market size, local market competition and enterprise comprehensive strength are insignificant; the local market size is negatively correlated with controlling degree of entry modes, market competition is positively correlated.(2)According to majority literature, higher capital intensity indicates more capital devotion and increases investment risk, and trans-regional enterprise is more likely to enter with low controlling modes for eluding risks. The conclusion of this paper indicates that under the circumstance of coal industry growth, coal enterprises will choose high controlling modes for seeking long term stable profit and for averting enterprise instability resulted from non-proprietorship.(3)Entry modes selection of some coal enterprises present evolution characters. Analysis of cooperative game model shows that coordinate costs, dynamic comparison of resources superiority between coal enterprises and west cooperators, devoted human and equipment asset specificity of coal enterprises influence mode evolution; when ease and middle coal enterprises provide stronger asset exclusiveness than that of west region, coordinate costs dominant stock equity alteration of joint venture.(4)Most coal enterprises adopt proprietary and solo proprietorship.Research on interregional investment practice of Xuzhou Mining Group indicates that performance of proprietary and solo proprietorship are better than that of contract,but proprietary is easier to succeed comprare with solo proprietorship. Reasons are as follows: proprietary eludes effectively management conflict, favors building and consummating modern property system, lowers entry barriers and realizes coupling joint-ventures’comlementary resources.The conclusion provides entry modes reference for other coal enterprises.更多还原