科研组织衍生企业多元化战略有利于其绩效吗？——来自我国上市公司的证据

Is Diversification Strategy Beneficial to Academic Spin-offs’ Performance?—Evidence from Listed Companies in China

摘要:

创办衍生企业是科研组织(包括科研院所、大学等科研机构)实现科研成果转化的重要途径之一。现有文献主要聚焦在科研组织衍生企业的初创阶段,探讨如何实现企业衍生,提高衍生效率。然而,随着科研组织衍生企业规模的发展壮大,越来越多的企业成功走出创业初期,进入成长期和成熟期。此时,面对不断增长的内部资源和不断变化的外部竞争环境,是否要通过多元化战略实现其竞争优势的提高和绩效的增长,成为科研组织衍生企业面临的重要抉择。尽管学界对多元化战略与企业绩效关系进行了大量研究,但由于研究样本和研究方法的不同,结论并不一致。本文以我国A股上市的85家科研组织衍生企业为样本,探讨其多元化程度与企业绩效的关系,结果表明,我国上市科研组织衍生企业的赫芬达尔指数与企业绩效显著负相关,即企业的多元化程度越高,其绩效越好。

Abstract:

Academic Spin-offs is one of the important ways for research organizations (including research institutes and universities) to achieve the transformation of scientific research results. The existing literature mainly focuses on early stage of the Academic Spin-offs, and explores how to improve the success of spin-offs. However, when more and more Academic Spin-offs grow up, they have passed the early stage of entrepreneurship and entered the growth and maturity stages. At this time, in the case of growing internal resources and a constantly changing external competitive environment, is diversification strategy beneficial to Academic Spin-offs’ competitive advantage and performance growth? Although a lot of existing research focuses on the relationship between diversification strategy and corporate performance, the conclusions are not consistent due to the differences in research samples and research methods. Based on data of 85 Academic Spin-offs from listed companies in China, this paper explores the relationship between diversification strategy and corporate performance. The results show that the Herfindahl index is significantly negatively correlated with corporate performance of Academic Spin-offs in China, which indicates that the higher level of diversification of Academic Spin-offs, the better their performance would be.