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本文利用中国医药生物制品上市公司2003年1季度-2012年1季度的季度财务数据进行了验证性因子分析,构建了差异化和低成本两个因子以反映公司的竞争战略。在此基础上,利用向量自回归(VAR)和脉冲响应的思路考察了战略制定及实施后企业的绩效表现,确定了战略绩效的滞后程度。研究发现:竞争战略影响企业绩效表现出一定的时滞效应;且差异化战略影响企业绩效的滞后期长于低成本战略;同时竞争战略影响企业绩效具有持续性,即竞争战略能够给企业带来持续的竞争优势,且差异化战略影响企业绩效的持续时间相比低成本战略也更长。最后,实证结果还发现,在医药生物制品行业,差异化战略相比低成本战略实施难度更大,风险更高,实施成功的可能性越小。
In this paper, we use the quarterly financial data of the listed companies of Chinese pharmaceutical and biological products from 2003 to Q1 2012 to make a confirmatory factor analysis, and build two factors of differentiation and low cost to reflect the company’s competitive strategy. On the basis of this, using the ideas of VAR and impulse response, this paper investigates the performance of enterprises after the strategy formulation and implementation, and determines the lag of strategic performance. The results show that: competitive strategy has some lag effect on firm performance; lag period of differentiated strategy affects firm’s performance is longer than low cost strategy; at the same time, competitive strategy affects firm’s performance is persistent, that is, competitive strategy can bring lasting effect to firm , And the duration of the differentiated strategy affecting the firm’s performance is much longer than the low cost strategy. Finally, the empirical results also find that in the pharmaceutical and biological products industry, the differentiation strategy is more difficult and riskier to implement than the low-cost strategy, and the possibility of successful implementation is less.