【摘要】 文章采用竞争战略识别的Palepu假设,构造了改进的Palepu战略识别财务指标体系,运用经营资产周转率和经营性营业利润率识别指标,提出公司时间序列数据的两阶段战略识别方法,对2007-2015年我国华东地区汽车制造上市公司样本进行战略识别和分类,导出四种竞争战略的分组并考察公司战略变迁趋势,并对结果进行了实证检验。在此基础上,分别从管理费用和销售费用、研发与技术创新、资产规模等方面提出符合主流观点的假设,引入logit回归模型,考察了不同竞争战略的一般延展性特征。识别检验结果支持了识别的多数公司的战略,验证了战略识别方法和结论的有效性。logit回归结果很好地支持了文章提出的多数假设,但不支持成本领先公司不如差异化公司重视研发创新投入的主流观点,显示创新型成本领先战略的存在。更多还原

【Abstract】 This paper constructs a modified Palepu strategic identified financial index system based on Palepu assumptions, applies operat-ing asset turnover and operating profit margin as identified indexes, proposes a two-stage strategic identified approach to categorize auto-industry listed companies in Eastern China into four competitive strategies and investigate their strategic evolution using the financial datafrom 2007 to 2015, and makes an empirical comparison with existed literatures. Furthermore, this paper introduces a binary logistic regres-sion model to explore the extended characteristics of these competitive strategies based on the assumptions from management fee and salesexpense, R&D and technical innovation and assets size, which are compatible with the mainstream views. In this paper, most corporatestrategies identified by using the Palepu method, are supported by the tested consequent, proved to be scientifically valid on the effective-ness of our identified approach and conclusions. Per the logit regression results, most of our assumptions are strongly supported. However,one of mainstreams views that differentiation companies attach more importance to the input of R&D innovation than cost leadership com-panies cannot be consistent with our conclusions, which shows the existence of the innovative cost leadership.更多还原