IPO影响经营业绩的机制分析——基于竞争策略的动态视角

摘要/Abstract

摘要： 本文基于产品市场竞争的动态特征构建了一个随机微分博弈模型,结合IPO改变了产品市场的竞争格局,从竞争策略的动态视角探讨了IPO影响拟上市企业和在位企业经营业绩的内在机理,且进一步采用非线性最小二乘法估计动态结构化模型参数和计算代理指标的方式进行了实证检验。理论分析与实证研究一致表明,由于IPO提高了拟上市企业的产品市场竞争优势,IPO将促使在位企业与拟上市企业采取积极的差异化策略,使行业产品市场趋于差异化竞争。IPO后拟上市企业的市场份额与利润转化率均有所提高,而在位企业的市场份额有所减少,但由于在位企业的利润转化率有所提高,使在位企业降低了拟上市企业IPO对其产生的负面价值冲击。进一步地,在产品市场竞争激烈的行业中,IPO后在位企业的市场份额下降幅度更大,拟上市企业的利润转化率上升幅度更高。本文研究结果在理论与定量分析层面完善和丰富了IPO后经营绩效方面的研究,对企业的经营管理具有积极的借鉴意义。

关键词: 动态产品市场竞争, IPO, 竞争策略, 经营绩效

Abstract: Based on the dynamic characteristics of product market competition, this paper first constructs a stochastic differential game model, and then explores the internal mechanism of IPO affecting the operating performances of an IPO candidate and its incumbent enterprises from the dynamic perspective of competitive strategy, considering that IPO may change the competitive landscape of product market. In addition, this paper conducts empirical tests by using the nonlinear least square method to estimate the parameters of the dynamic structured model and calculating the proxy indicators. Theoretical analysis and empirical research show that since IPO enables an IPO candidate to be more competitive in the product market, it will encourage the IPO candidate and its incumbent peers to adopt a positive differentiation strategy, leading to differential competitions in the product market. Therefore, the post-IPO market share and profit conversion rate of the IPO candidate increase, while the market share of its incumbent peers decreases. However, due to the improvement in their profit conversion rates, the incumbent enterprises receive less negative impact from the candidate’ s IPO on their market value. Furthermore, in industries where product market competition is more intense, the post-IPO market share of the incumbent enterprises declines more significantly, and the profit conversion rate of the IPO candidate rises more significantly. The results improve and enrich the researches on post-IPO operating performance in theory and quantitative analysis, which has a positive reference for enterprises’ operation and management.

Key words: dynamic product market competition, IPO, competitive strategy, operating performance

胡志强, 裴开兵, 祝文达. IPO影响经营业绩的机制分析——基于竞争策略的动态视角[J]. 管理评论, 2022, 34(8): 243-255.

Hu Zhiqiang, Pei Kaibing, Zhu Wenda. Research on the Mechanism of IPO Affecting Operating Performance: Based on the Dynamic Perspective of Competitive Strategy[J]. Management Review, 2022, 34(8): 243-255.

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