服务企业绩效差异源泉的理论与实证分析

"服务企业绩效差异的主要源泉是来自行业效应还是企业效应?",通过对2002-2009年中国服务业上市公司的研究,利用方差分析法衡量了行业、企业、年份的主效应以及年份与行业的交互效应对服务企业绩效差异的影响程度。结果显示:(1)服务业有较强的成长能力,可能会有一轮新的资本规模扩张形势;(2)企业效应对服务业上市公司盈利能力起着决定性影响,服务企业要获得可持续超常盈利能力的根本途径,是运用其独特的、无法被模仿的资源来创造可持续的竞争优势,而非多元化进入更有获利能力的产业,更不可能依赖于宏观经济环境的变动;(3)与盈利能力不同,年份效应对服务业上市公司成长能力的影响仅次于企业效应,这种差异性深刻地揭示出投资者的非理性和资本市场亟待完善。

The Theoretical and Empirical Analysis on the Source of Service Enterprise Performance Difference

"The main source of service enterprises performance difference is derived from the industry effect or enterprise effect?" Think of the service industry listed companies among 2002-2009 year in China as the research object, this paper measures the influence degree of the industry, enterprise, year industry main effect and interaction effect between year and industry on service enterprise performance differences using the method of variance analysis. The results showed: (1) the service industry has a strong development capacity, and may be bring about a new round of capital expansion; (2) the enterprise effect have decisive effect on the profit ability of the services listed companies, and the basic way that the service enterprises obtain sustainable supernormal profit ability is to use its unique and cannot be mimicked resources to create a sustainable competitive advantage, but not get into more profitable industry by diversify and dependent on the macroeconomic environment changes; (3) and of different from the profitability capacity, the influence of the years effect on the services listed companies growth ability is Second only to enterprise effect, such differences reveals deeply the irrationality of investors and the urgently of capital market perfected.