媒体报道、战略惯性与企业绩效——基于中国上市公司的经验证据

摘要/Abstract

摘要： 基于问题突出性的战略认知观和利益相关者理论，本文以2010—2014年中国沪深A股上市公司为样本，运用面板随机效应模型分析了媒体报道、战略惯性与企业绩效的关系。结果表明，媒体评价越高的企业越倾向于坚持现行战略，企业绩效也因此获得了增长。进一步研究发现，相对于非国有企业，媒体报道对国有企业战略惯性的正向影响较强，战略惯性对国有企业市场绩效的正向影响较弱，而战略惯性对企业财务绩效的影响在企业所有制性质上并不存在差异；相对于小规模企业，媒体报道对大规模企业战略惯性的正向影响更强，且战略惯性对大规模企业绩效的正向影响也更强。本文研究拓展了战略认知观在企业战略选择过程中的应用，深化了关于媒体报道、战略惯性与企业绩效间的理论认识，也为企业战略决策过程提供了新洞见。

关键词: 战略认知, 媒体报道, 战略惯性, 所有制, 企业规模, 企业绩效

Abstract: At information age, media serves as an opinion leaderthat shapes firms' external information environment. However, there are mixed conclusions about whether media affects firm decision-making and other behaviors. Drawing on the perspective of issue salience about strategic cognition and stakeholder theory, the present paper explores the relationship among media coverage, strategic inertia and firm performance as well as the moderating role of firm ownership and size. Using the analysis of random effects model on the basis of Chinese A-share listed companies during 2010-2014, we conclude that firms which received higher media evaluation tend to be inertial in the current strategy and then benefit from this inertia. Further study finds that compared with non-state-owned firms, media coverage has a stronger effect on strategic inertia and strategic inertia has a weaker impact market value for state-owned firms, while there is no difference in the relationship between strategic inertia and firm financial performance among different ownership. We give an explanation from the view of implicit exchange, which argues that for several social tasks undertaken by state-owned firms, government compensates them in an implicit way. Additionally, firm size also plays a moderating role between media coverage and strategic inertia as well as the relationship between strategic inertia and firm performance. In contrast with small-sized firms, media coverage has a stronger effect on strategic inertia and strategic inertia has a stronger effect on firm performance for large-sized firms. We also show that firm ownership and size have a joint moderating effect among media coverage, strategic inertia and financial performance. Our study extends the application of strategic cognition into strategic choice processes, which is conducive to improving the quality of firms' decision-making.

Key words: strategic cognition, media coverage, strategic inertia, ownership, firm size, firm performance

纪炀, 周二华, 蒋国银. 媒体报道、战略惯性与企业绩效——基于中国上市公司的经验证据[J]. 管理评论, 2020, 32(6): 266-279.

Ji Yang, Zhou Erhua, Jiang Guoyin. Media Coverage, Strategic Inertia and Firm Performance: Evidence from Chinese Listed Companies[J]. Management Review, 2020, 32(6): 266-279.

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